PR Newswire
SHANGHAI, Feb. 7, 2023
Reported Operating Profit of $41 million in the fourth quarter and
$629 million for the full year reflecting resilience and business agility
Opened 1,159 net new stores in the year, laying solid foundation for growth
SHANGHAI, Feb. 7, 2023 /PRNewswire/ -- Yum China Holdings, Inc. (the "Company" or "Yum China") (NYSE: YUMC and HKEX: 9987) today reported unaudited results for the fourth quarter and year ended December 31, 2022.
Impact of COVID Outbreak and Mitigation Efforts
In the fourth quarter, there were substantial changes in COVID conditions and policies in China. In October and November, sporadic occurrences of COVID infection quickly evolved into major regional outbreaks, leading to tightened COVID-related health measures and lockdowns. The number of our stores that were either temporarily closed or offered only takeaway and delivery services increased in October and November, peaking at over 4,300 in late November.
In December, the government issued a series of new COVID response guidelines that significantly changed its COVID policies, including removing mass testing and central quarantine requirements as well as lifting travel restrictions. A massive wave of infections quickly surged in the country, spreading from major cities such as Beijing, Guangzhou and Shanghai. The northern and western regions of China were impacted first, followed by the southern and eastern regions. Due to widespread infections, we experienced a shortage of restaurant staff which led to over 1,300 stores on average being either temporarily closed or offering limited services during December. As a significant portion of the population was either infected or chose to stay home to avoid infection, dine-in traffic declined substantially. We quickly responded to the new challenges by reallocating crew resources among stores to prioritize stores with stronger demand. Many of the stores that remained open operated with shortened operating hours and a simplified menu to streamline operations. We also addressed off-premise demand by leveraging our dedicated riders, encouraging pick-up and promoting packaged food products.
Sales in January improved sequentially, driven by the resumption of normal services at our restaurants and an earlier Chinese New Year ("CNY") holiday season, which coincided with the pivot in COVID policies. Many people traveled during the holiday for the first time since COVID began. According to government statistics, the number of domestic travelers and related tourism spending during the 7-day CNY holiday increased approximately 20% and 30% year over year, respectively, but remained over 10% and 30% below the 2019 level, respectively. Performance at our transportation and tourist locations was better than the statistics indicated. Overall same-store sales for the comparable CNY holiday also increased mid-single digit year over year, but remained below the 2019 level.
As the country enters the new phase of COVID response, we are cautiously optimistic. The overall business environment and consumer sentiment have improved but near term uncertainties remain. Consumers tend to be more careful with spending after holidays. Experiences in other countries also suggest further outbreaks following relaxation of COVID restrictions and emergence of different COVID variants are real possibilities. A portion of the population may remain cautious about going out in public, while macroeconomic factors such as an inflationary environment and softening global economic conditions may weigh on consumer spending. As such, we are staying alert in this fluid situation and planning for multiple scenarios to capture growth opportunities and mitigate risks when needed.
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Fourth Quarter Highlights
Full Year Highlights
Key Financial Results
| Fourth Quarter 2022 | | | Full Year 2022 | | ||||||||||||
| % Change | | | % Change | | ||||||||||||
| System | | Same-Store | | Net New | | Operating | | | System | | Same-Store | | Net New | | Operating | |
Yum China | (4) | | (4) | | +10 | | (94) | | | (5) | | (7) | | +10 | | (55) | |
KFC | (1) | | (3) | | +11 | | +79 | | | (4) | | (7) | | +11 | | (5) | |
Pizza Hut | (6) | | (8) | | +12 | | (207) | | | (3) | | (6) | | +12 | | (36) | |
| | Fourth Quarter | | | | Full Year | ||||||||||||
(in US$ million, except per share data and percentages) | | | | | | % Change | | | | | | | | % Change | ||||
| | 2022 | | | 2021 | Reported | | Ex F/X | | | | 2022 | | | 2021 | Reported | | Ex F/X |
Operating Profit | $ | 41 | | $ | 633 | (94) | | (93) | | | $ | 629 | | $ | 1,386 | (55) | | (53) |
Adjusted Operating Profit(1) | $ | 40 | | $ | 16 | +152 | | +189 | | | $ | 633 | | $ | 766 | (17) | | (14) |
Net Income | $ | 53 | | $ | 475 | (89) | | (88) | | | $ | 442 Werbung Mehr Nachrichten zur Yum China Holdings Inc Aktie kostenlos abonnieren
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