Yum China Shares Fall to One-Year Low as Quarterly Results Disappoint
01 Novembro 2023 - 12:41AM
Dow Jones News
By P.R. Venkat
Yum China's shares fell sharply early in Hong Kong after the
company's third-quarter results failed to meet expectations, and it
warned of a drop in consumer demand.
The stock hit a 12-month low of 348 Hong Kong dollars (US$44.48)
on Wednesday morning, mirroring its weak performance on the New
York Stock Exchange overnight.
The owner of Pizza Hut, KFC, and other fast-food brands in China
said its third-quarter net income rose 18% on the year to US$244
million. That compared with the US$278.0 million consensus estimate
from a FactSet poll of analysts.
Its adjusted diluted earnings per share was US$0.59, while
analysts surveyed by FactSet had expected the company to report
adjusted earnings of 65 U.S. cents a share.
Andy Yeung, chief financial officer of Yum China, said that the
company was seeing softening consumer demand that had emerged in
late September and persisted through October.
"Looking ahead, the fourth quarter is a seasonally small quarter
in terms of sales and profits; hence, small fluctuations in sales
could have a more pronounced impact on our margins," the executive
said.
Shares are currently down 13.0% at HK$357.80, on track for their
sharpest daily drop since March last year.
Write to P.R. Venkat at venkat.pr@wsj.com
(END) Dow Jones Newswires
October 31, 2023 23:26 ET (03:26 GMT)
Copyright (c) 2023 Dow Jones & Company, Inc.
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