Weak traffic batters China margins
(Continued from page 1) Most of securities analysts’ attention during the call remained focused on China, where restaurant-level margins decreased 7 percent in the first quarter, even with better-than-expected sales during Chinese New Year in February and benefits to Yum’s cost of goods sold. Food costs deflated about 5 percent in the quarter, adding to a 3-percent benefit from prior pricing actions that somewhat blunted the impact of a steep decline in guest counts, ...
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