Yum! Brands Inc. ended a tumultuous fiscal 2013 with a 13-percent decline in full-year same-store sales in its important China division. The drop contributed heavily to a 32-percent slide in net income to $1.09 billion, or $2.36 per share.
In addition to the 15-percent decrease in same-store sales for the year at KFC in China, where fears about avian flu and the quality of that nation’s poultry supply decimated the chain’s momentum, Louisville, Ky.-based Yum also recorded charges for the write-down of assets for its Little Sheep chain in China and for the repurchase of outstanding debt.
Yum operates or franchises more than 40,000 restaurants in more than 125 countries.
This story has been revised to reflect the following correction:
Correction: Feb. 4, 2014 This story has been updated with the correct fourth-quarter U.S. same-store sales results for Taco Bell, KFC and Pizza Hut. Additionally, an earlier version of this story incorrectly stated that Yum! Brands Inc. operates restaurants in more than 130 countries. The company operates in more than 125 countries.
Contact Mark Brandau at email@example.com.
Follow him on Twitter: @Mark_from_NRN