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Yum China shares slump 7% as company beats profit forecasts

Shares of Yum China Holdings Inc. YUMC, -Zero.68% fell 7% late Tuesday after the fast-food corporate, a licensee of KFC, Pizza Hut, and Taco Bell in China as well as proudly owning different restaurant brands, reported first-quarter benefit above Wall Street expectations and narrowly missing on sales forecasts. Yum China, spun off Yum Brands Inc. YUM, -Zero.53% in 2016, stated it earned $288 million, or 72 cents a percentage, in the quarter, when compared with $204 million, or 52 cents a percentage, in the prior-year duration. Revenue rose 15% to $2.2 billion, when compared with $1.9 billion a yr ago. Analysts polled by way of FactSet had expected income of 53 cents a percentage on sales of $2.4 billion for the quarter. Yum China stated its same-store sales rose three.three%, led by way of a 5% increase at KFC. As of March 31 its loyalty program for KFC has more than 120 million individuals and its loyalty program for Pizza Hut has 40 million individuals, it stated.