Yum CEO: I believe in China

Yum! Brands Inc. has plans to boost its round-the-clock offerings at KFC?s in China, which is among the reasons officials still are optimistic about growth in the country.

David Novak, chairman and CEO of Yum! Brands Inc., tried to calm investors? fears about slowing growth in China on Thursday at the company?s annual Investor Update meeting.

?I believe in our China business model as much today, if not more,? Novak said. ?I am actually saying more today than I ever had.?

Last month, Yum issued a statement saying it expects same-store sales in the fourth quarter to be down 4 percent in China, substantially slower than the 21 percent same-store sales growth during the fourth quarter of 2011.

?I really believe that we?re on the ground floor of very continuous growth in China,? Novak said.

This year, the company expected to open 650 new stores in China but ended up building more than 800. In total, it has more than 5,400 locations in China.

A few other items worth noting from Wednesday?s event:

? As the Wall Street Journal pointed out, Yum is boosting its round-the-clock offerings at KFC?s in China, with expanded breakfast, lunch, dinner, late-night and delivery options.

? Yum will target China?s smaller cities for development in the future, the Associated Press reported.

? Novak took a number of questions from analysts about the company?s strategy in China, but promised there?s no need to panic, the Wall Street Journal also reported.

?If the sky is falling in China, I promise, I will know about it before you, and I will let you know,? Novak said.

? And as Business First reported earlier today, Taco Bell?s Doritos Locos Tacos is the restaurant?s most successful product, with more than 200 million tacos sold this year.

Andrew Robinson covers these beats: Restaurants, retail, attorneys, human resources, technology, K-12 education, automotive (dealers, services), media/marketing/printing, young professionals, West End, East End and Oldham County.

Follow Your Favorites with My News

My News is a way to create a customized news feed based on companies and industries that matter to you.

Source: http://feedproxy.google.com/~r/vertical_58/~3/F9Jab7DtozU/yum-ceo-i-believe-in-china.html

keith olbermann andrew bynum the time machine michelin tires michelin tires rett syndrome where the wild things are