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CORRECT: Yum Brands 4Q Net Up 30% On Continued Strength In China

("Yum Brands 4Q Net Up 30% On Continued Strength In China," at 4:40 p.m. EST, misstated the year-ago adjusted earnings in the eight paragraph. The correct version follows:) DOW JONES NEWSWIRES Yum Brands Inc.'s (YUM) fourth-quarter income rose 30% as the fast-food company's sales in China continued to grow, and U.S. sales improved. Shares were up 2.5% after hours at $64.75 as earnings and revenue beat estimates. As of Monday's close, the stock was up 17% over the past three months. For the past few years, the owner of KFC, Pizza Hut and Taco Bell brands has touted its strength in China and focused on growth there. Its casual dining chains are booming in urban areas of China and other emerging markets, making up for Yum's weak U.S. performance. However recent signs of an economic slowdown in China and rising food and labor costs there put Yum at risk of losing its biggest edge. In November, Yum said it is separating its India business into its own standalone segment, a strong indication of its interest in expansion there, given that the only other international market it breaks out is China. For the latest quarter, China continued to post double-digit same-store sales growth, up 21%, while operating profit rose 15% prior to currency changes. U.S. operating earnings, which haven't kept pace with its other markets, were up 10% on 1% higher same-store sales. But Yum's U.S. business hasn't been its top priority. The company has said that 75% of its profits will come from its international businesses by 2015, and last year it found buyers for Long John Silver's Inc. and A&W Restaurants Inc., shedding two smaller domestic businesses in an effort to focus even more on international growth. Yum posted a profit of $356 million, or 75 cents a share, up from $274 million, or 56 cents a share, a year earlier. Excluding special items, earnings were 63 cents a year earlier. Revenue grew 15% to $4.11 billion. Analysts polled by Thomson Reuters expected a profit of 74 cents a share on revenue of $4.03 billion. Worldwide restaurant margin declined 0.9 percentage points to 16% for the year, and declined 1.1 percentage points to 14% for the quarter. -By Ben Fox Rubin, Dow Jones Newswires; 212-416-3108; ben.rubin@dowjones.com;

Stock News for Yum (YUM)
DateTimeHeadline
04/23/201410:40:12MARKET SNAPSHOT: U.S. Stocks Fall; PMI, Home Sales Disappoint
04/23/201410:15:39MARKET SNAPSHOT: U.S. Stocks Fall; PMI Slips In April
04/23/201409:34:30U.S. Hot Stocks: Hot Stocks to Watch
04/22/201419:18:45Correction to Yum Earnings Story
04/22/201418:59:34Yum's Profit Improves as China Sales Recover -- Update
04/22/201418:30:10Yum's Profit Improves as China Sales Recover
04/22/201414:38:17MARKET SNAPSHOT: U.S. Stocks Rise; Netflix Jumps On Results
04/22/201414:29:14McDonald's Plans Marketing Push as Profit Slides -- 3rd Update
04/20/201406:17:33MARKET SNAPSHOT: Long View On Stocks Is Best During Weak Earnings...
03/28/201412:35:00Yum Brands Unveils New Segment Reporting Structure -- Update
03/28/201412:30:44Yum Brands Combines Existing Divisions Into Global Brand Segments
03/27/201405:20:46Yum Bids to Regain Consumer Confidence in China With New Menu
03/21/201419:38:47Yum CEO's Total Pay Drops 29% to $10 Million in 2013
03/06/201416:43:39MARKET SNAPSHOT: U.S. Stocks Rise: S&P 500 At Record
03/06/201413:29:00MARKET SNAPSHOT: U.S. Stocks: S&P 500 Eyes Record Close
03/06/201411:00:04MARKET SNAPSHOT: U.S. Stocks Rise; S&P 500 Hits Intraday High
02/04/201417:25:41MARKET SNAPSHOT: U.S. Stocks Rise; Michael Kors, Yum Brands Climb
02/04/201414:34:11MARKET SNAPSHOT: Michael Kors, Yum Brands Jump On Earnings
02/04/201412:00:39Correction to Yum Earnings Story on Monday
02/04/201411:37:54Year of the Horse Off to a Better Start for Yum Brands

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