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Wednesday, 9 October, 2002, 22:42 GMT 23:42 UK
Yum Brands disappoints investors
Images from the Taco Bell website
Shares in the parent company of fast-food chains KFC, Pizza Hut and Taco Bell, were marked down even though it increased its profits.

Yum Brands is the world's biggest restaurant company with more than 32,500 restaurants around the world.

It said its income rose nearly 19% from last year, buoyed by robust sales at Taco Bell and in its international business.

It said its net income was $147m (94m) in the third quarter of the year compared with $124m last time.

That was better than the market had been expecting.

Disappointing forecast

Yum said that sales at company-owned KFC, Pizza Hut and Taco Bell restaurants open at least one year in the US, rose 3% percent.

And the company raised its forecast for full-year earnings.

But the market reacted with disappointed because Yum's forecast for earnings in the fourth quarter of the year was less than expected.

Yum Brands shares ended at $29.75 when the New York Stock Exchange closed.

But in after hours trading they dropped to $26.89.

Even so, they are nearly 21% higher than they were at the beginning of the year.

See also:

09 Oct 02 | Business
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