Yum Brands Inc. executives vigorously defended their business in China at an investor conference on Thursday after the stock fell last week on news that the company?s same-store sales there would drop 4% in the fourth quarter, after rising 21% in the year-earlier period.
The company, which owns KFC, Pizza Hut and Taco Bell, blamed the decline, in part, on the softening Chinese economy. GDP growth has slowed in China in recent years, from 10.4% in 2010 to 7.5% this year.
?But we?ve never whined about the macros,? Yum Chief Executive David Novak told investors. ?We think it can be more attributed to our over-estimation of our ability to lap a 21% same-store sales increase in the last year.?
The last time the company posted negative same-store sales in China was in 2009. Since then, Mr. Novak said, the average annual sales at its restaurants in China went from about $1.3 million to $1.8 million and 2,000 new restaurants have been opened.
See more on this story at Corporate Intelligence
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