Yum China's quarterly restaurant sales down ahead of spinoff
Yum Brands Inc (YUM.N), which will spin off its China restaurants on Oct. 31, on Wednesday reported an unexpected decline in sales at established restaurants in that country during the latest quarter.
Shares of Yum fell 2.3 percent to $86.59 in after-hours trading.
The owner of the KFC, Pizza Hut and Taco Bell brands said sales at Yum China restaurants open at least one year fell 1 percent during the fiscal third quarter. Analysts polled by research firm Consensus Metrix had expected a 4.1 percent sales gain for the China unit, which is Yum's top profit driver.
Those sales were flat in the... read more
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