As expected, a dreadful fourth quarter for Yum! Brands following furor over a food safety scare in China.

Like-for-like sales growth in China – a market that now accounts for half of total group revenues and profits – fell 6 per cent for the quarter, compared to the 21 per cent increase seen during Q4 of 2011.

But the worst is yet to come. The company said it expects same-store sales in China to fall “approximately 25 per cent for January and February combined”. Read more