KFC in China Depresses Yum Earnings
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Yum Brands, owner of the KFC and Taco Bell fast-food chains, posted fourth-quarter profit that exceeded analysts’ estimates on sales gains at its international division. But even with better-than-expected earnings, Yum CEO David Novak said during the earnings call this morning that 2013 was “was frankly a very humbling year,” thanks in part to the avian flu scare in China.
Profit excluding some items was 86 cents a share, the Louisville, Kentucky-based company said yesterday in a statement. Analysts estimated about 79 cents, on average. Revenue rose 0.6% to $4.18 billion, trailing analysts’ projections.
The company reiterated its full-year forecast for at least a 20% increase in profit per share, excluding certain items. Fourth-quarter net income fell 4.7% to $321 million, or 70 cents a share, from $337 million, or 72 cents, a year earlier, the company said.
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