Yum Brands' Top Line Mixed Ahead of China Spin-Off, but Cash Flow Engine for Both Companies Intact
Ahead of the widely anticipated spin-off of Yum China later this month, Yum Brands' third-quarter update was a mixed bag, with KFC continuing its momentum and Taco Bell rebounding from a slow first half, but also softer-than expected results from China (attributed to protests stemming from South China Seas international court rulings, with an estimated 400- to 500-basis-point hit to segment comps that declined 1%) and Pizza Hut facing a more competitive environment. While management was likely l...Yum! Brands franchises or operates a system of quick service restaurants through its KFC, Pizza Hut and Taco Bell brands. The company's operating segments consist of the KFC Division, the Pizza Hut Division and the Taco Bell Division. KFC restaurants provides fried and non-fried chicken products such as sandwiches, chicken strips, chicken-on-the-bone and other chicken products marketed under a variety of names. Pizza Hut is engaged in the sale of ready-to-eat pizza products. Pizza Hut operates in the delivery, carryout and casual dining segments. Taco Bell is engaged in Mexican-style food products, including various types of tacos, burritos, quesadillas, salads, nachos and other related items.
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