This article is from the source 'bbc' and was first published or seen on . It last changed over 40 days ago and won't be checked again for changes.

You can find the current article at its original source at http://www.bbc.co.uk/news/business-36098182

The article has changed 2 times. There is an RSS feed of changes available.

Version 0 Version 1
KFC-owner profit boosted by China sales KFC-owner sees sales boost in China after bucket promotion
(about 1 hour later)
Yum brands, owner of KFC, Pizza Hut and Taco Bell, reported an 8% rise in profit, boosted by better-than-expected sales at its restaurants in China. KFC owner, Yum Brands, has seen a rise in profit, thanks in part to a chicken bucket deal over Chinese New Year.
The company reported an 8% increase in profit to $391m (£273m) for the first three months of 2016.
Yum, which also owns Pizza Hut and Taco Bell, said sales at stores in China that have been open a year or more rose 6% compared to the same quarter last year.
The news boosted Yum's shares by 4% in after-hours trading.The news boosted Yum's shares by 4% in after-hours trading.
The company reported $391m (£273m) in profit for the first quarter of 2016 compared to $362m in the same January to March period a year earlier. Analysts had expected just a 2.1% growth in sales in China, where Yum is the biggest Western restaurant brand.
Sales at stores in China that have been open a year or more rose 6% compared to the same quarter last year. Chief executive Greg Creed said: "KFC China had an outstanding Chinese New Year bucket promotion."
Analysts had expected a 2.1% growth in sales in China, where Yum is the biggest Western restaurant brand.
Chief executive Greg Creed said: "KFC China had an outstanding Chinese New Year bucket promotion".
Yum wants to spin-off its 6,900 China restaurants by the end of 2016.
"This is a transformational year for our company as we remain on track to finalise the separation of our China business by year end," Mr Creed said."This is a transformational year for our company as we remain on track to finalise the separation of our China business by year end," Mr Creed said.
"We look forward to establishing two powerful, independent, focused growth companies dedicated to building on our brand strengths and rewarding our shareholders." Yum wants to spin-off its 6,900 China restaurants, its most profitable business, by the end of 2016 in order to focus the company on US operations.
It has also been losing market share to rival McDonalds in China.