KFC Parent Suffers After China Scandal
Overall fourth-quarter net income at Yum, which also operates the Pizza Hut and Taco Bell chains, fell to $337 million, or 72 cents per share, from $356 million, or 75 cents per share, in the same period a year earlier. Excluding special items, Yum had a profit of 83 cents per share. That topped analysts’ average estimate by a penny, according to Thomson Reuters I/B/E/S. Total revenue rose to $4.15 billion from $4.11 billion.
Yum reported a 6 percent drop in fourth-quarter sales at established restaurants in China because of “adverse publicity” regarding chemical residue found in some of its chicken supply.
Its China business continued to suffer in January, when same-store sales — revenue from stores open for at least a year — dropped 37 percent, including a 41 percent decline for KFC and a 15 percent decline for Pizza Hut Casual Dining.
Yum said the January data had probably affected by the timing of the Lunar New Year, which fell in January last year. The week long holiday period, which is in February this year, typically increases sales at restaurants and other tourist-related sectors.
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