KFC licensee Yum China said it could report an operating loss in the first quart...
) said it could report an operating loss in the first quarter and take a significant hit to sales and productivity due to a coronavirus outbreak in China, after it was forced to shut nearly a third of its stores.The company’s warning echoed that of U.S. cafe chain Starbucks , which said last week it would delay a planned increase to its outlook for the year and that it expected a material but temporary financial hit.
“This year, the outbreak right before Chinese New Year is causing significant interruption to the business,” Chief Executive Joey Wat said on a conference call with analysts, adding that the new-year period is an important tourist season that usually drives first-quarter performance. The company, also the exclusive licensee of the Pizza Hut and Taco Bell brands in China, has over 9,200 restaurants in more than 1,300 cities.Yum China said, however, that it remained optimistic about the long-term opportunity in China. It expects to open 800-850 new stores in the country this year, subject to any revision based on the impact from the virus.
It posted an adjusted profit of 25 cents per share, beating the average estimate of 19 cents per share.
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