The first quarter for our China business includes only the months of January and February and is highly impacted by consumer spending during the Chinese New Year holiday. The timing of this holiday changes each year. This year it is important to note that while the timing impact of Chinese New Year is neutral to our first quarter, there is a significant negative impact to January sales and a corresponding significant benefit to February sales due to the timing of this week-long holiday. We expect that the underlying performance of our China business will remain relatively unchanged for the balance of the first quarter, with a same-store sales decline of approximately 25% for January and February combined (China’s first quarter).DAVID NOVAK COMMENTS
Yum! Brands Announces Full-Year 2012 EPS Growth Of 13%, Or $3.25 Per Share, Excluding Special Items; Opens A Record 1,976 New International Restaurants; Adverse Publicity Regarding Poultry Supply Continues To Significantly Impact China KFC Sales
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