July 14 (Bloomberg) -- Yum! Brands Inc., the owner of the Pizza Hut and Taco Bell restaurant chains, declined in late New York trading after saying growth in same-store sales this year will be lower than it expected.

Yum dropped $1.62, or 4.5 percent, to $34.61 at 4:37 p.m. after the announcement. Earlier, the shares rose 56 cents to $36.23 in composite trading on the New York Stock Exchange.

Net income in the second quarter rose 35 percent to $303 million, or 63 cents a share, from $224 million, or 45 cents, a year earlier, the Louisville, Kentucky-based company said today in a statement. Excluding a one-time gain, profit was 50 cents a share, compared with analysts’ projected profit of 43 cents, according to estimates compiled by Bloomberg.

For Related News and Information: Top retail news: RTOP <GO> Yum earnings: YUM US <Equity> TCNI ERN <GO> Restaurant earnings: TNI RES ERN <GO> Yum’s relative value: YUM US <Equity> RVG <GO>

Last Updated: July 14, 2009 17:00 EDT