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Aaron Spatz is the writer of SEC Live Filings Digest, detailing the news of companies trading on U.S. stock exchanges. The Filings Digest is but one component of the greater website SEC Live, which specializes in making SEC filings easy to read, research, navigate, and much more.
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  • Yum Third Quarter Profits Drop 68% 0 comments
    Oct 10, 2013 11:06 AM | about stocks: YUM

    Originally published at www.seclive.com

    Filing in Focus: Yum! 8-K, October 8, 2013

    Yum! Brands, Inc. (NYSE:YUM) announced its financial results for the third quarter of fiscal year 2013, reporting profits that fell 68%. Yum, which owns and operates the KFC and Pizza Hut brands, faced tougher competition in its largest market in China. Some of KFC's largest competitors in China include Dicos and Hua Lai Shi, which negatively impacted company performance. Additionally, consumers have still shown a resistance to poultry after a bird flu outbreak earlier in the year. Sales at stores open at least one year in China fell 11% while sales in the United States remained unchanged. Earnings decreased from $471M and $1.00 earnings per share a year ago to $152M and $0.33 per share this quarter. Yum spokesman Jonathan Blum commented that it is taking longer than the company expected for consumers to trust KFC again following the problems earlier in the year.

    Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours.

    Stocks: YUM
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