Yum China revenue surges 25% in Q2
The group attributed the growth to both KFC and Pizza Hut's performance.
Yum China Holdings, Inc. (Yum China) reported a surge of 25% increase in revenues to $2.65b excluding foreign currency translation in the second quarter of 2023.
Total system sales increased 32% YoY in the quarter, with KFC total system sales increasing 32% and Pizza Hut growing by 30% excluding foreign currency translation.
Same-store sales increased by 15% for Yum China, with KFC increasing by 15% and Pizza Hut by 13%. Operating profit increased by 216% YoY to $257m from $81m.
The group opened a total of 422 stores in the quarter, reaching a total of 13,602 store count as of 30 June.
According to Yum China CEO Joey Wat, the group is on track to meet its expansion goals for the year.
“We achieved outstanding results, delivering substantial growth in the top-line and bottom-line, in the second quarter, thanks to our teams' dedication and creativity. This once again demonstrates our anti-fragile business model and ability to capture opportunities in good times and stay resilient in bad times. Our innovative products and compelling value captured customer demand and drove double-digit same-store sales growth,” Wat said.