Yum Brands is crashing, Yum Brands is the latest acumen to be afraid about China.
Shares of the fast-food behemothic fell as abundant as 19% in after-hours trading Tuesday afterwards the aggregation appear balance beneath expectations and cut its outlook.
Yum Brands is apparent as a bellwether for the Chinese economy, accustomed that about 54% of its sales were acquired from the country.
"While it charcoal difficult to anticipation China sales, we are now ciphering full-year same-store sales to be low-single-digit negative," the fast-food behemothic said in its third-quarter balance statement.
"The clip of accretion in our China Division is beneath our expectations," Yum Brands said.
CEO Greg Creed said the aggregation faced added challenges than it had accepted in the additional bisected of the year in China. Still, same-store sales in China added 2% and restaurant margins were 20%.
The company's restaurant chains cover KFC, Taco Bell, and Pizza Hut. It appear adapted balance per allotment of $1, against the appraisal for $1.06, according to Bloomberg. Revenues came in at $3.43 billion, against the expeceted $3.67 billion.
The banal is up 14% year-to-date.
Shares of the fast-food behemothic fell as abundant as 19% in after-hours trading Tuesday afterwards the aggregation appear balance beneath expectations and cut its outlook.
Yum Brands is apparent as a bellwether for the Chinese economy, accustomed that about 54% of its sales were acquired from the country.
"While it charcoal difficult to anticipation China sales, we are now ciphering full-year same-store sales to be low-single-digit negative," the fast-food behemothic said in its third-quarter balance statement.
"The clip of accretion in our China Division is beneath our expectations," Yum Brands said.
CEO Greg Creed said the aggregation faced added challenges than it had accepted in the additional bisected of the year in China. Still, same-store sales in China added 2% and restaurant margins were 20%.
The company's restaurant chains cover KFC, Taco Bell, and Pizza Hut. It appear adapted balance per allotment of $1, against the appraisal for $1.06, according to Bloomberg. Revenues came in at $3.43 billion, against the expeceted $3.67 billion.
The banal is up 14% year-to-date.
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