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Strong KFC sales in China lift profits at Yum Foods | Strong KFC sales in China lift profits at Yum Foods |
(about 6 hours later) | |
Profits at KFC owner Yum Brands have risen 10% thanks to another big rise in sales at its Chinese outlets. | Profits at KFC owner Yum Brands have risen 10% thanks to another big rise in sales at its Chinese outlets. |
The fast food giant's net profit for the three months to 11 June was $316m (£196m), up from $286m a year earlier. | |
Like-for-like sales at its Chinese outlets grew 18% in the three months to 30 April. China now accounts for more than 40% of Yum's profits. | Like-for-like sales at its Chinese outlets grew 18% in the three months to 30 April. China now accounts for more than 40% of Yum's profits. |
The increase in same-store sales in China offset a decline in the US, where they fell 5% at KFC. | The increase in same-store sales in China offset a decline in the US, where they fell 5% at KFC. |
Sales were also lower at the US branches of Yum's two other main brands, Taco Bell and Pizza Hut. | Sales were also lower at the US branches of Yum's two other main brands, Taco Bell and Pizza Hut. |
Yum has more than 4,000 outlets in China, mostly KFC restaurants, making it the largest Western fast food company in the country. | Yum has more than 4,000 outlets in China, mostly KFC restaurants, making it the largest Western fast food company in the country. |
Yum now expects its full-year profits to increase by 12%, up from its previous target of 10% growth, despite the continuing impact of higher wages and commodity prices in China. | Yum now expects its full-year profits to increase by 12%, up from its previous target of 10% growth, despite the continuing impact of higher wages and commodity prices in China. |
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