Profits dip for Yum Brands

Profits have fallen at Yum Brands, the firm that owns companies such as KFC and Pizza Hut.

Its latest financial data revealed that the company made a net profit of $281 million (£185 million) in the three months to June 15th, which is down 15 per cent on the same period last year.

Fears of a bird flu outbreak in China hit sales in the Asian nation badly, with a 20 per cent drop.

"For the total China Division, we remain on track to open at least 700 new units this year. This means we will have opened about 1,600 units over a two-year period," David Novak, chief executive of Yum, said in a statement.

Yum added that the "residual effect" of the bird flu allegations has impacted sales during the period, but Mr Novak insisted the firm has solid momentum in China heading into 2014.

Later today (July 11th), stocks in Yum Brands will open on the New York Stock Exchange at 72.36, which is close to its 52-week high of 74.75.

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