Coronavirus live updates: Mnuchin says coronavirus won’t hurt China trade deal, Yum warns on virus hit.
, hit in part by the virus outbreak and its potential spread to other Asian markets. China is the largest market for KFC and the second largest for Pizza Hut. "While Yum's business model is highly diversified such that the impact on our financial performance will not be as significant what many companies will experience, this will certainly be a headwind for 2020," CEO David Gibbs said. Yum shares moved lower after Gibbs' comments, and were trading down 2.
said Thursday that the majority of its shops in mainland China are currently closed. Tapestry said it is expecting sales during the second half of this year to be between $200 million to $250 million lower due to the closures and the coronavirus outbreak. It said its profits could be reduced by 35 cents to 45 cents per share. If the outbreak spreads, Tapestry said the financial impact could become worse, too.
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