AFC BRANDS AT A GLANCE
 
 
Popeyes® Chicken and Biscuits: Hot Again!
In 2003, Popeyes tied its annual record for total restaurant openings. Driving our performance was a record number of restaurant openings internationally. Going forward, our focus is to build upon this hot streak by lighting the fire that accelerates brand growth.
     We plan to do this, in part, by sharpening Popeyes’ brand positioning and further driving operations excellence. You can already see the beginnings of this work as we evolve our positioning statement from “Cajun Our Way®” to “New Orleans Style.” We are also driving our brand positioning by enhancing our menu options with increased seafood offerings, new chicken products and sandwiches.
     In addition, we will increase our focus on improvements in our system-wide operations that will enable us to deliver a guest experience that encourages more frequent visits. By improving our operational foundations, we will be better positioned to successfully launch our brand in new and emerging markets.
www.popeyes.com
Church’s Chicken™: Extending and Expanding.
Church‘s is extremely optimistic about the coming year. We believe the positive sales performance from the fourth quarter of 2003 will build momentum that will continue throughout 2004.
     There are a number of reasons for our recent sales growth, including the introduction of some exciting new products, focused operational improvements and new talent in key roles.
     Our goals for the year ahead are to further extend the appeal of Church’s to shared guests and light users, while maintaining our core customers. At the same time, we plan to expand the reach of our brand to targeted markets, both domestically and internationally.
     We will implement this strategic unit growth with a focused franchising strategy. Our objective will be to selectively build market share in order to become more media efficient in specific markets. We will be selective in our new franchise relationships by working with those franchise partners who possess both the desire and the capacity to extend the brand.
www.churchs.com
Cinnabon®: A Year of Transformation.
Last year, we began to transform Cinnabon from primarily a single-product, captive venuebased concept into a global brand that features a variety of Cinnabon products in multiple channels and venues.
     As part of this strategy, we have enhanced Cinnabon’s destination appeal by focusing on increased portability, addressing nutritional sensitivities and expanding product variety. In support of these efforts, we have introduced such items as CinnaPoppers™, Frusia® fat free blended drinks and Minibon® products with fruit-fillings such as apple and strawberry.
     We are also enhancing the appeal of our brand by introducing new Cinnabon licensed products. They include Orville Redenbacher’s Cinnabon gourmet popcorn and Cinnabon Cinnamon Streusel Jumbo Muffin baking mix by Betty Crocker®. These are just the first steps in a broader brandbuilding initiative aimed at bringing the Cinnabon product experience to more consumers in an increased number of locations.
www.cinnabon.com