Daily Sound Bite: Yum Underestimates Chinese Chicken Concerns
Yum Brands expects to lose 25 cents per share at the close of it's first fiscal quarter. The decline is driven by a sharp drop in sales in China, after concerns about the quality of chicken supplied to KFC, a Yum subsidiary. Yum CEO David Novak said,
"The onslaught of negative media coverage has been longer lasting and more impactful than we expected."