tudents from Wichita, Kansas, Frank and Dan Carney, were approached by a family friend with the idea of opening a pizza parlor. Although the concept was relatively new to many Americans, at that time, the brothers quickly saw the potential of this new enterprise.After borrowing $600 from their mother, they purchased some second-hand equipment and rented a small building on a busy intersection in their hometown. The result of their entrepreneurial efforts was the first Pizza Hut restaurant, and the foundation for what would become the largest and most successful pizza restaurant in the world.Pizza Hut, now a subsidiary of Tricon Global Restaurants, Inc. (NYSE: YUM) is the world's largest pizza restaurant chain. Pizza Hut operates 8,471 units in the United States and 3,814 units in 88 countries and territories throughout the world under the Pizza Hut name for a total of 12,285 units. In 1998, U. S. sales totalled $4.8 billion and average U. S. system sales were $645,000. It employs more than 240,000 people worldwide. The company is the recognized leader of the $30 billion pizza category.1998 was a great year for Pizza Hut. By introducing great new products, great promotions, great operations and, in partnership with their franchisees, great new assets, Pizza Hut's management and employees can't wait since their future looks strong. The pie chart below indicates the competitive position Pizza Hut has in the pizza chain sector, and in particular, with their major competitors.Chart 31998 PIZZA HUT % OF MARKET SHARE Source:Tricon Global Restaurants, Inc.Independent sales are fragmented.1998 Annual ReportOver the past four decades Pizza Hut has built a reputation for excellence that has earned them the respect of consumers and industry experts alike. Their products have been voted number one in countless consumer surveys nationwide. Their accomplishments, as innovative business leaders, have been cited by publications such as, Restau...
