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Food & Beverage

KFC operator warns Shanghai lockdown to drive quarterly loss

Yum China, Starbucks and Budweiser highlight toll from China's COVID surge

Some 10% to 15% of Shanghai-area stores of Yum China have stayed open for take-away and delivery, enabling the company to sustain sales at 40% to 50% of normal rates.     © Reuters

HONG KONG -- The extended lockdown of China's largest metropolis will push the operator of the country's KFC and Pizza Hut outlets into the red but is also giving Hong Kong-listed Yum China a chance to promote its smaller brands to residents desperate for any food available.

"The surge of omicron cases and the ensuing lockdown has turned everything upside down for us in Shanghai," Chief Executive Joey Wat said on a call with analysts on Wednesday.

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