|
Yum, which also owns Pizza Hut and Taco Bell, has been reporting its monthly sales figures for China to keep investors updated on its recovery efforts. The July decline reflected worse performance at both its KFC and Pizza Hut chains. It included a 16 percent drop at KFC for the month, compared with a 13 percent drop in June. At Pizza Hut, the figure was up 3 percent in July, compared with a 6 percent increase in June. China's slowing economy and stiffer competition from local chains have also been issues for Yum. McDonald's Corp. also reported last week that sales in China were negative in July. Its shares fell $3.07, or 4.1 percent, to $71.40 in afterhours trading. The stock closed the regular trading session at $74.47, up about 12 percent since the start of the year.
[Associated
Press;
Copyright 2013 The Associated
Press. All rights reserved. This material may not be published,
broadcast, rewritten or redistributed.