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Yum cuts full-year profit outlook after China sales drop Oct 7
[LOS ANGELES] Yum Brands on Tuesday said same-store sales in China fell 14 per cent in the third quarter due to a food safety scare involving a former supplier and lowered its earnings growth forecast for the full year.
The company expects China sales at established restaurants to be down again in the fourth quarter and slashed its forecast for 2014 earnings per share growth to a range of 6 to 10 per cent from its prior forecast for growth of at least 20 per cent. - Reuters