KFC parent Yum Brands 3Q net income drops
NEW YORK (AP) — KFC’s parent company Yum Brands says its profit fell 68 percent in the third quarter, as its China unit struggles to recover from a controversy over its chicken supply and bird flu scare.
Results missed expectations and Yum lowered its outlook. Shares fell 6 percent in aftermarket trading.
Yum, which also owns Taco Bell and Pizza Hut, says net income for the quarter ended Sept. 7 fell to $152 million, or 33 cents per share. Excluding a write down related to its Little Sheep chain in China, net income was 85 cents per share. That compares with net income of $471 million, or $1.02 per share last year. Analysts expected 93 cents per share.
Revenue fell 4 percent to $3.02 billion, missing expectation s of $3.54 billion.