Yum! Brands Inc. (YUM), owner of the KFC and Pizza Hut dining chains, said the impact of a government probe into its former chicken suppliers in China is growing as a food safety scandal hurts demand.
Profit excluding certain items will decline this year, versus a previous estimate for growth of 10 percent, the Louisville, Kentucky-based company said in a statement yesterday. Yum, which got more than half its total sales from China last year, said negative publicity from the scandal will continue to weigh on sales in the first quarter.
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Liza Lin, Bloomberg News via CHINA US Focus http://feedproxy.google.com/~r/ChinaUsFocus/~3/iNOKXH2iTFo/
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