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Taco Bell, KFC operator Yum posts 5 percent higher 2Q earnings despite falling profit in China
LOUISVILLE, Ky. (AP) ¯¯¯ The owner of the Taco Bell, Pizza Hut and KFC chains says its second-quarter net income rose 5 percent on strong sales in its U.S. business. But the restaurant company reported a rare profit decline in its key China market.
Yum Brands Inc. said Wednesday that high inflation caused a 4 percent profit decline in China, adjusted for currency fluctuations.
U.S. operating profit was up 26 percent amid strong sales at Taco Bell.
Yum reported net income of $331 million, or 69 cents per share, in the three months ended June 16. That's up from $316 million, or 65 cents per share, a year ago. Revenue rose 12 percent to nearly $3.2 billion.
Analysts expected earnings of 70 cents per share on revenue of $3.12 billion, according to FactSet.