| |
| |
| Free Hospitality Publications |
|
|
|
Restaurant Industry News
|
Tuesday October 24th, 2006 |
 |
Yum Brands 3rd Quarter Profit Rises
|
 |
Yum Brands 3Q Profit Rises on Strong China Sales; Boosts Outlook Above Street's View |
Fast-food giant Yum Brands Inc. reported a third-quarter profit Wednesday of 12 percent, benefiting from strong Chinese growth, and boosted its full-year profit forecast above expectations on Wall Street.
The Louisville, Ky.-based operator of Taco Bell, Pizza Hut and KFC saw shares rise by more than 3 percent in after-hours trading.
"Third quarter performance demonstrated our global growth once again," Chairman and Chief Executive David Novak said in a statement.
Quarterly profit grew to $230 million, or 83 cents per share, for the three months that ended Sept. 9 from $205 million, or 69 cents per share, in the prior-year period. Total revenue increased to $2.28 billion from $2.24 billion, despite a slide in U.S. sales for the quarter.
Wall Street had been expecting quarterly profit of 75 cents per share on sales of $2.28 billion, according to an analyst survey by Thomson Financial.
During the quarter, the company said profit grew 26 percent in China compared with the year-ago period. Yum has nearly 1,700 KFC restaurants in China, an increase of 18 percent over the same period last year.
External Source - For the complete article click here
Source - AP
|
|
|
 |
|
 |
|
|
|
|
Mail Me 
Print Me 
PDF Me 
Save Me
