Yum warns on 2013 as chicken scare hurts KFC
February 5, 2013 9:21 AM EST
KFC parent Yum Brands Inc
The company, which gets more than half of its overall sales and operating profit from China, reported a 6 percent drop in fourth-quarter sales at established restaurants in China due to "adverse publicity" regarding its poultry supply.
As a result, Yum forecast a "mid-single digit" percentage decline in earnings per share for 2013. Yum previously forecast 2013 earnings per share growth of at least 10 percent.
Yum has nearly 5,300, mostly KFC, restaurants in China.
Shares in the company fell 4 percent to $61.40 in extended trading.
(Reporting By Lisa Baertlein in Los Angeles; Editing by Leslie Gevirtz)
Join the Conversation
- Apple and Google Engage in Thermonuclear War, New Google Translate Chat App in the Works
- Russia's New Tactical Nuclear Weapons Program Growing Confident Against the US: Talks of World War III
- Update Samsung Galaxy S5 to Android 4.4.4 KitKat, Sprint Release and Installation
- More Nexus 6 Problems Arise with Android 5.0 Lollipop, Poor Benchmark Results and Other Issues
- HTC One M8 Android 5.0 Lollipop Release Delayed: Other Schedule and Installation Guide
- Israel''s Al Aqsa and East Jerusalem Issues Threatening Its Multi Billion Gas Deal With Jordan
- Eurozone Indicators Forewarn Imminent Recession: Germany's Manufacturing Sector Slows