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Howard Penney, a food industry analyst for Hedgeye Risk Management, noted that KFC has been struggling in the U.S. and that it has nothing to lose with the latest move. Even in the wings category, Penney noted that boneless varieties have been growing in popularity. "People don't want to have to deal with the bones," Penney said. KFC is owned by Yum Brands Inc., which also operates Taco Bell and Pizza Hut. Despite its choppy performance in the U.S., Yum has enjoyed a streak of growth for the past several years as a result of its growing presence in China. Yum is the largest Western fast-food operator in the country with about 5,300 locations, most of them KFC restaurants. But since late last year, Yum has been working to overcome a scare over its chicken supply that has hammered sales in China. Yum, based in Louisville, Ky., has warned that it expects its profit in 2013 to decline, snapping an 11-year streak of double-digit growth. Shares of Yum Brands fell $2.17, or 3.2 percent, to $65.58 in morning trading as broad market indicators sagged on weaker than expected U.S. job growth in March.
[Associated
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