New User:

-or-
Username:
Password:
Forgot your password?

Stock Market & Financial Investment News

News Breaks
July 30, 2014
17:35 EDTYUMYum! says OSI had 'significant, negative impact' to China SSS
Yum! Brands said: "On July 20th, an undercover report was televised in China depicting improper food handling practices by supplier Shanghai Husi, a division of OSI. Subsequently, the Shanghai FDA launched an investigation into this matter, alleging illegal activity. Upon learning of this, we immediately terminated our relationship with OSI globally, with minimal disruption to our menu offerings in China. While OSI was not a major supplier to Yum! Brands, these events triggered extensive news coverage in China that has shaken consumer confidence, impacted brand usage, and disparaged the hard work of our over 400,000 Chinese employees. The result has been a significant, negative impact to same-store sales at both KFC and Pizza Hut in China over the past 10 days. Yum! Brands is outraged by the alleged illegal activity by Shanghai Husi and its violations of our standards. We reserve the right to take full legal action for the impact this has had to our business once the Shanghai FDA investigation is complete. At this point, it is too early to know how quickly sales will rebound in China and the corresponding full-year financial impact to Yum! Brands. However, if the significant sales impact is sustained, it will have a material effect on full-year earnings per share. We will provide additional perspective on this matter during our third-quarter earnings call in October. Our brands have proven resilient over time and we expect this to be the case with this situation as well."
News For YUM From The Last 14 Days
Sign up for a free trial to see the rest of the stories you've been missing.
February 27, 2015
09:48 EDTYUMYum! Brands says Marco Consulting to withdraw proxy access shareholder proposal
Subscribe for More Information
February 26, 2015
06:53 EDTYUMKFC to test edible coffee cup in U.K., NY Times says
Subscribe for More Information
06:27 EDTYUMYum!'s Taco Bell signs franchise agreement with Astrapport Dining
Subscribe for More Information

Sign up for a free trial to see the rest of the stories you've been missing.

I agree to the theflyonthewall.com disclaimer & terms of use