Yum Brands Adds Icahn Disciple to Board
15 Outubro 2015 - 7:00PM
Dow Jones News
Yum Brands Inc. on Thursday further lowered its earnings
guidance for the current fiscal year, less than 10 days after
cutting the same forecast, and announced that Keith A. Meister, a
Carl Icahn disciple, was joining its board.
Mr. Meister is now part of activist shareholder Corvex
Management LP, which was bankrolled partly by about $1 billion from
George Soros. The hedge-fund manager has led efforts to transform a
variety of companies, including energy-pipeline operator Williams
Cos., lender Fidelity National Financial Inc. and corporate
landlord CommonWealth REIT.
Shares of Yum Brands, down 22% over the past three months, rose
2.4% to $70.90 in after-hours trading.
The owner of KFC, Pizza Hut and Taco Bell chains said it now
sees its per-share earnings in the current fiscal year remaining
flat or rising by a percentage in the low single digits. On Oct. 6,
Yum Brands lowered its profit growth to a percentage in the low
single digits, down from its earlier view of at least 10% growth,
in part because of its operations in China.
Thursday, Yum cited incremental currency headwinds for the
reduced outlook. The company issued the revised guidance in its
quarterly report to the Securities and Exchange Commission.
Yum continued to express concern about China sales, which it
said remain "difficult to forecast due to ongoing visibility."
The company said it expects China Division same-store sales for
the fourth quarter could range from flat to a 4% increase, with
growth expected at KFC and a decline projected at Pizza Hut.
Yum also said it plans to report monthly same-store sales for
China, in a move that counters a recent trend against monthly sales
updates. Yum used to provide such updates but stopped with the
results from December 2013.
Yum plans to issue an October same-store sales report for China
on Nov. 12.
Write to Josh Beckerman at josh.beckerman@wsj.com
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(END) Dow Jones Newswires
October 15, 2015 17:45 ET (21:45 GMT)
Copyright (c) 2015 Dow Jones & Company, Inc.
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