Yum! downgrades earnings forecast on China woes

02/4/2013 | Reuters

Yum! Brands revised its earnings forecast for 2013 on Monday, to a "mid-single-digit" percentage decline from an earlier announced estimate of 10% growth, citing a backlash after it was learned last year that KFC restaurants in China were sourcing chicken from two producers that were using excessive antibiotics. Yum! saw January same-store sales fall 37% in China, where it has 5,300 restaurants that typically generate half the company's sales.

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