Stock of company that owns Taco Bell tanks on lackluster sales report
NEW YORK — Investors soured on Yum Brands stock after the company said Tuesday it’s not likely to hit its earnings goal for 2015.
The company’s stock dropped 16% during extended trading. A quarterly report released by Yum Brands Tuesday afternoon fell short of expectations.
Yum Brands include these fast food chains:
- Pizza Hut
- Taco Bell
The company said China hasn’t taken to the brands as well as projected, and the strong U.S. dollar also hurt its profits.
“While it remains difficult to forecast China sales, we are now estimating full-year same-store sales to be low-single-digit negative,” the company said in a press release.AlertMe