Yum China stock drops 10%, fast-food operator sees ‘softening demand’
Yum China’s shares YUMC, -1.05% fell about 9% in the extended session Tuesday after the owner of Pizza Hut, KFC and other fast-food brands in China missed Wall Street expectations for its third quarter, saying that “softening consumer demand” emerged in recent weeks, and cast doubt about its current quarter.
Same-store sales growth was “solid” but “we observed softening consumer demand emerged in late September through October,” the executive said. Yum China earned $244 million, or 58 cents a share, in the third quarter, compared with $206 million, or 49 cents a share, in the year-ago period. Adjusted for one-time items, Yum China earned 59 cents a share.
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