The bad news: Yum's Chinese affliction has worsened. The good news: It was not as bad as many investors had thought.
The owner of KFC, Taco Bell and Pizza Hut said same-store sales in China, its most important market, fell 16 per cent in the final three months of the year, an acceleration from the third quarter and its biggest decline in 18 months.
Yum has been hamstrung by an undercover news report that depicted food safety lapses at one of its suppliers. While Yum was quick to cut ties with the company at the centre of the investigation, OSI, it has been unable to entice consumers back into its stores.
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