Yum Brands shar YUM +1.31%es are up today, after the company reported first-quarter sales figures for its Chinese operations that were, well, they were bad, but they weren't as bad as the company had forecast. They even included a little silver lining that has some hoping the company is past the worst of the December chicken scare at its KFC chains.

　　百胜餐饮集团(Yum Brands)的股价周二出现上涨。此前该公司发布的第一财季中国区销售数据显示，中国区的销售情况不佳，但没有该公司此前预想的那样糟糕。这些数据甚至带来一线希望，即该公司已经度过了去年12月发生在其肯德基连锁餐厅的鸡肉恐慌事件的最糟糕时期。

　　Yum Brands reported that its same-store sales in China were down 20% in the quarter; yes, that's awful. But the company had projected sales would be down 25%. That's not much of a difference, but it is a difference, and the company reported that same-store sales rose in February, so if you're a shareholder, you can hope that the worst of this scare is over.

　　百胜餐饮集团报告说，中国的同店销售额本财季下降了20%。是的，这很糟糕。但该公司此前曾预计这降幅将达25%。虽说差异并不大，但还是有差别的。且该公司报告说今年2月同店销售额上升。所以如果你是百胜餐饮的股东，你或许可以期望鸡肉恐慌风波的最糟糕时期已经过去。

　　But don't count your chickens before they hatch Bank of America BAC -1.15% Merrill Lynch analyst Joseph Buckley pointed out one notable fact: sales were falling before the chicken scare:

　　但先别急着下结论。美银美林(Bank of America Merrill Lynch)分析师巴克利(Joseph Buckley)指出了一个值得注意的事实：在鸡肉恐慌事件发生前，销售额已经在下滑。

　　Yum shares may respond favorably to this release because KFC China's sequential monthly performance on a holiday adjusted basis improved from down about 26% (reported down 41% plus 15% for the holiday adjustment) in January to a holiday adjusted down 15% in February.

　　百胜餐饮的股价可能会对上述发布的这一消息做出积极反应。因为从环比角度看，经节假日因素调整后，肯德基中国今年2月业绩环比下滑15%，低于今年1月26%的降幅(该公司报告的降幅为41%，经节假日因素调整后减去15%)。

　　But Pizza Hut same store sales weakened sequentially on a holiday adjusted basis .

　　但从环比角度看，经节假日因素调整后，必胜客的同店销售情况恶化。

　　We remind investors that Yum China same store sales were down in its 4Q before the chicken supply issue severely impacted sales. Sales for 1Q were good only versus expectations. There is still higher than average risk for the China business.

　　在鸡肉供应问题严重影响销售情况之前，我们就曾提醒投资者，百胜中国去年四季度的同店销售额会出现下滑。只是和预期相比，我们才能得出第一财季销售业绩较好的结论。百胜中国业务面临的风险仍然高于平均水平。

　　China's a huge market for Yum Brands; fully 42% of its operating profit comes from customers in the Middle Kingdom.

　　对百胜餐饮来说，中国是一个巨大的市场，其运营利润中有42%来自中国顾客。

　　But there are still questions about the strength of the Chinese economy, questions that were dogging the company before the chicken scare.

　　但外界对百胜中国经济的状况仍然存有疑问，在鸡肉恐慌事件发生前，此类问题就已经存在。

　　Yum Brands is slated to make a presentation March 13 at Merrill Lynch's Consumer and Retail Conference in NYC.

　　百胜餐饮定于3月13日在纽约于美林的消费者和零售大会上做报告。