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肯德基原料安全丑闻令百胜投资者反胃

2012-12-21 07:44| 发布者: yuqj| 查看: 91| 评论: 0|原作者: yuqj

For investors in Yum! Brands Inc., China Central Television's news reports this week have been stomach-churning stuff. The state broadcaster has alleged that the owner of KFC sourced chickens from a factory that employs unsafe practices.

Chinese media have alleged similar problems with McDonald's Corp.'s supply chain too.

Yum says it maintains high standards of food safety and stopped using the supplier in question back in August. McDonald's says strict supplier management guarantees safe food for its customers.

There are big risks in China's agricultural supply network. A regular diet of food safety scandals─from poisoned baby formula to exploding water melons─shows that policing a fragmented food supply chain is a difficult task.

The consequences can be significant, even when the crime appears to be minimal.

Last year, Wal-Mart Stores Inc. was forced to close several stores after mislabeling ordinary pork as a more expensive organic product. Also, shares in Hong Kong-listed Chinese noodle chain Ajisen Holdings Ltd. plunged after it emerged the restaurant's soup was made with concentrates rather than fresh ingredients. The share price is still 60% below the level when the story broke.

For Yum in particular, the stakes are high. China accounted for 45% of Yum's operating profit in the first nine months of 2012, a larger share than the U.S. Guidance for a 4% year-on-year fall in same-store sales in the fourth quarter, reflecting fierce competition, has already triggered a gag reflex with investors. A food safety scandal could have them reaching for the mega-bucket.

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