NEW YORK (AP) — Yum Brands reported a better-than-expected net income for its first quarter even as the parent company of KFC struggled to overcome a controversy over its chicken suppliers in China.
The fast-food company, which also owns Pizza Hut and Taco Bell, stood by its full-year forecast for earnings per share to decline in the mid-single digits.
For the quarter, Yum said it earned $337 million, or 72 cents per share. That's down from the $458 million, or 96 cents per share, a year ago.
Excluding one-time items, the company said it earned 70 cents per share, above the 60 cents per share analysts expected.
Revenue fell 10 percent to $2.1 billion, below the $2.56 billion Wall Street expected.
Yum Brands Inc., based on Louisville, Ky., has more than 36,000 locations globally.