Yum! (YUM) Lowers China Division Q4 Comps Outlook; Adjusts FY12 EPS Outlook

Due to adverse publicity associated with a government review of China poultry supply - and the corresponding significant impact on KFC China sales during the last two weeks of December - Yum! Brands (NYSE: YUM) now expects China Division same-store sales to be -6% for the fourth quarter of 2012, versus our previous forecast of -4%. The Company expects full-year 2012 earnings per share, excluding Special Items, of approximately $3.24. We do not anticipate providing any further updates or commentary until our scheduled earnings release on February 4, 2013.

The Street is looking for FY12 EPS of $3.26.

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