Yum warns of profit decline in 2013
02/04/2013 4:15 PM
02/04/2013 4:16 PM
Yum Brands reported disappointing fourth-quarter results, and the parent company of KFC, Pizza Hut and Taco Bell expects profit to fall in the year ahead as it deals with concerns over its chicken suppliers in China.
Yum said it expects its profit will decline as it works to rebuild consumer confidence. It first warned of troubles late last year after media reports that suppliers were giving chickens unapproved levels of antibiotics.
Yum said fourth quarter net income fell to $337 million, or 72 cents per share. That’s compared with $356 million, or 75 cents per share, a year ago. Not including one-time items, it earned 83 cents per share.
Revenue rose 1 percent to $3.59 billion.
Analysts expected a profit of 82 cents per share on revenue of $4.13 billion.
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