百胜：未必百胜

百胜：未必百胜

快餐对你是有害的，无论是在你的胃里，还是在你的投资组合里。本周，炸鸡、墨西哥玉米薄饼卷和比萨饼的供应商百胜集团(Yum! Brands)发布了糟糕的财报。

测试中可能遇到的词汇和知识：

portfolio 证券投资组合

macroeconomic 宏观经济

stumble 绊倒

scandal 丑闻

bounce 反弹

cachet 威望

Yum: Yuck（338words）

Fast food is bad for you,whether in your stomach or your portfolio. This week,fried chicken,taco and pizza vendor Yum Brands delivered soggy results. It blamed the poor performance on slower than expected growth in China,which accounts for more than a third of its operating profit. The stock slumped nearly a fifth in response.

Everyone agrees that China's economy is slowing; the only debate is how much and why. So,many will assume that Yum's problems are macroeconomic. They are not.

The issue is not that the Chinese consumer is choosing to save rather than spend. Japanese clothing retailer Uniqlo,owned by Fast Retailing,fell short of expectations for its full year numbers this week — but not because of China. That market delivered profits up two-thirds year on year.

The spending stretches to food as well. Starbucks' China revenues are still growing,for example. It is Yum in particular that is going sideways.

In fact,the fast food category is stumbling worldwide. Junk food popular in the 1980s and 1990s has been losing its appeal. McDonald's top line has stood still for four years,despite efforts to introduce healthy menus. Even in the US,where unhealthy is the national pastime,golden arch revenues have gone nowhere.

More importantly,for companies operating in China,the Chinese consumer learns quickly — about both the good and the bad. As social media spreads,brand destroying food safety scandals（of which Yum has had a few）are hard to contain. And as tastes become more sophisticated,lost consumers may not return. Yum's numbers in China have bounced back from the scandals,just not as strongly as expected. Middle-class preferences do not extend to the cheap and cheerful.

China's economic growth may be slowing,but the economy is still growingved on from junk food. Time for investors seeking exposure to China to do the same.