It has not been a good few weeks for the US food services industry,nwith several firms releasing weaker-than-expected Q212 earningsnreports. Although Yum? Brands (owner of KFC, Taco Bell andnPizza Hut) allayed some of the worst fears regarding its Chinesenbusiness, which accounts for about 40% of its operating income, itnstill was hit by higher costs (mainly higher wages and food priceninflation). Chipotle , the outstanding performer in the US fast-casualnspace over the past few years, missed analysts' expectations fornsame-store sales growth. Having grown so strongly over the pastnfew years, the same-store sales miss was the cue for a steep sell-offnof more than 20% in its shares, which wiped out about US$3bn ofnits market capitalisation.
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