Published:
Yum Brands warns of earnings decline
A Reuters report said, “KFC parent Yum Brands Inc warned on Monday that it expects 2013 earnings to shrink rather than grow as it struggles to manage a food safety scare in China, and sees no return to growth in restaurant sales there until the fourth quarter".
There was a 6% drop in fourth quarter sales reportedly due to "adverse publicity" regarding chemical residue found in some of Yum’s chicken supply. According to the report, Yum expects China's same-store sales to be down 25 percent for the fiscal first quarter.
View the report here.
