Yum China Profit May Drop 60% On Covid-19 Fallout; Stock Slides

Source: bitcoinethereumnews.com bitcoinethereumnews.com

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Yum China, the country’s largest restaurant chain, warned today that disruptions in connection with Covid-19 will take a bite out of profit and sales in the third quarter. Adjusted operating profit, which excludes special items, may fall “approximately 50% to 60%” compared with the same period of last year, Yum China said in a Hong Kong Stock Exchange filing today. The company operates KFC, Pizza Hut and other restaurants in the country. Yum China’s shares fell by 1.16% in Hong Kong this morning to HK$61.22 after the announcement. The stock also trades in New York. “At the peak of the...