Where’s Colonel Sanders When You Need Him? Yum’s Earnings Disappoint
Yum Brands (NYSE:YUM) reported results after the bell Tuesday for its third quarter that ended September 7, 2013, revealing that the Louisville, Kentucky-based company’s net revenues fell 2.89 percent on the year to $3.47 billion, missing analyst expectations of $3.52 billion. In 2012′s third quarter, Yum posted a $3.57 billion figure.
Earnings per share also decreased 15 percent on the year to $0.85 per share, down from 99 cents per share excluding Special Items, and those failed to meet expectations of $0.92 per share.
Prior to the earnings release, investors were especially interested to learn how the parent company of KFC and Taco Bell fared in China, because Yum depends on the Asian country for almost half of its profits, despite its greater outlet presence in the U.S.