Yum Profit Falls 68% as Same-Store Sales Slump in China
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Yum! Brands Inc., whose KFC fast-food chain is facing more competition in China, said third-quarter profit fell 68 percent and cut its 2013 earnings forecast as same-store sales dropped in the Asian nation.
Net income decreased to $152 million, or 33 cents a share, from $471 million, or $1, a year earlier, the Louisville, Kentucky-based company said yesterday in a statement. Excluding certain items, profit was 85 cents a share. Analysts projected 92 cents, the average of 23 estimates compiled by Bloomberg. A tax rate increase negatively affected per-share earnings by 10 percentage points, Yum said.