, China

Yum China's profit tops pre-COVID levels

The company added 315 new stores in the first three months of the year.

Yum China’s profit soared in the first quarter from a year earlier, even beating comparable figures from the first quarter of 2019.

Revenue in January to March jumped by 46% from a year earlier to US$2.56 billion from $1.75 billion a year earlier whilst net profit surged by 272% to US$233 million. Prior to the arrival of the pandemic, revenues were $2.3 billion and net profit was $222 million.

The company added 315 new stores in the first three months of the year. It opened 1,165 new stores in 2020, bringing its total to 10,506 across more than 1,500 cities.

“We remain optimistic about our long-term growth opportunity in China, which is reflected in our vigorous pace of investment,” Yum China CEO Joey Wat said in the statement.

Yum China previously said it aims to open 1,000 new stores in 2021, backed by a US$600 million capex plan and promotion of K coffee, Coffii&Joy and Lavazza. The company also said it will focus on digital service and growth in 700 cities where it does not have a presence.

Despite the first-quarter gains, the company said “the pandemic has introduced volatility and uncertainty to our operations,” and “expects a full recovery of same-store sales to pre-COVID-19 levels to take time.”

Join QSR Media Asia community
Since you're here...

...there are many ways you can work with us to advertise your company and connect to your customers. Our team can help you dight and create an advertising campaign, in print and digital, on this website and in print magazine.

We can also organize a real life or digital event for you and find thought leader speakers as well as industry leaders, who could be your potential partners, to join the event. We also run some awards programmes which give you an opportunity to be recognized for your achievements during the year and you can join this as a participant or a sponsor.

Let us help you drive your business forward with a good partnership!

Top News

Yum Brands is leading QSR operator in Malaysia: report
 But the full service sector is still the largest foodservice sector in the market.   Yum Brands Inc, which manages KFC, was the leading QSR  operator last year, with more than 700 outlets, GlobalData said in its report.
Research
KFC’s Mac ‘N Cheese bowl returns to Singapore
It is available starting 3 October 2022.   Singaporeans are in for a cheesy treat as their favourite Mac ‘N Cheese bowl is set to return to KFC stores for a limited time.   The fan favourite, which has macaroni with popcorn chicken, is available on 3 October.   An  À la carte Mac ‘N Cheese Bowl costs $4.95 whilst the Mac ‘N Cheese Bowl Buddy Meal is worth $16.95.  

Exclusives

2021: Year In Review
We look back at the highs and lows of the Asian multi-site restaurant industries these past twelve months.
Subway APAC president: regional growth can match U.S. foothold
In his first-ever interview with QSR Media, Eric Foo details the chain’s expansion targets and stressed their ongoing investment in digital engagement.
How EFG is rethinking its brand portfolio to turbocharge post-COVID growth
Managing director Martin Darby elaborates on the company’s omnichannel strategy and reveals key advantages of handling brands from various franchisors.