SHANGHAI: KFC parent Yum Brands Inc reported a steeper-than-expected 13% drop in July sales at established restaurants in China after back-to-back blows from a food safety scare and a bird flu outbreak in its most important market.
The Chinese sales fall was something of a setback for Louisville, Kentucky-based Yum, which in recent months had seen same-restaurant sales declines ease. Shares in Yum fell US$2.86, or 3.8%, to US$71.61 in after-hours trading. – Reuters
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