Sales in China lift Yum Brands
From Times Wire Services
Yum Brands Inc., owner of the Pizza Hut, Taco Bell and KFC chains, said second-quarter profit rose 4.7% on higher sales in China.
Net income increased to $224 million, or 45 cents a share, from $214 million, or 39 cents, a year earlier, the Louisville, Ky., company said. Sales rose 12% to $2.7 billion.
But shares of Yum fell almost $2, or more than 5%, in after-hours trading amid concerns that rising food costs would hurt margins. Before the announcement, the shares rose $1.01, or 2.9%, to $36.47.
