Yum! Brands Inc. has initiated a strategic review for Pizza Hut, exploring options for the struggling chain as it falls behind in the highly competitive pizza market.

“Pizza Hut’s performance indicates the need to take additional action to help the brand realize its full value, which may be better executed outside of Yum! Brands,” Chief Executive Officer Chris Turner said in a statement announcing the plan.

Yum shares rose 1% in premarket trading. The stock is up 3.9% this year through Monday’s close, compared to a 16.5% increase in the S&P 500.

The chain has underperformed other pizza brands as competitors increasingly turn to promotions to drive growth. Domino’s Pizza Inc. and Papa John’s International Inc. reported growth in their North American businesses in their most recent earnin

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