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Yum Brands affected by meat scandal
The tainted meat scandal in China has affected US fast-food giant Yum Brands’ fourth-quarter results. The parent of KFC, Pizza Hut and Taco Bell restaurant chains reported a net loss of US$36 million in the October-December quarter, compared with a net income of US$321 million a year ago.
Yum said its earnings were affected by the July tainted meat scandal involving a former supplier and the recovery took longer than expected. The company’s worldwide sales in the fourth quarter grew by just 3%, weighed down by an 11% drop in its China division. For the whole of 2014, Yum recorded a 3.7% drop in net income to US$1.05 billion.
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