Restaurant Company Yum China Posts Mixed Q2 Results, Announces CFO Change
Restaurant Company Yum China Posts Mixed Q2 Results, Announces CFO Change
Yum China Holdings, Inc. (NYSE:YUMC) shares are trading higher after the company reported second-quarter results yesterday. Revenue increased 1% year over year to $2.68 billion, missing the consensus of $2.77 billion.
百勝中國Holdings股份有限公司（NYSE：YUMC）股價在昨日公佈第二季度業績後上漲。同比增長1％的營業收入達到26.8億美元，低於27.7億美元的一致預期。
Total system sales rose 4% Y/Y, excluding currency effects, due to an 8% increase of in net new units.
除去貨幣影響，總系統銷售額同比上升4％，其中新店增長貢獻了8％。
Same-store sales were at 96% of last year's level, with same-store transactions up 4% Y/Y in the quarter. Delivery sales increased 11% YoY, continuing Yum China's decade-long double-digit growth trend.
同店銷售額在本季度達到去年同期水平的96％，同店交易量同比上漲4％。外賣銷售同比增長11％，延續了百勝中國持續十年的兩位數增長趨勢。
Digital sales hit $2.2 billion in the quarter, with digital ordering comprising about 90% of total company sales.
數字銷售額在本季度達到22億美元，數字訂單佔公司總銷售額的約90％。
KFC's system sales grew 5% YoY, driven by an 8% contribution from new units, while Pizza Hut's system sales rose 1% YoY, also boosted by an 8% increase from new units.
肯德基的系統銷售額同比增長5％，其中新業務增長貢獻了8％，而必勝客的系統銷售額同比增長1％，也受到新業務增長8％的推動。
Core operating profit grew 12% Y/Y to $275 million, with a margin of 10.0% vs. 9.3% a year ago quarter. EPS $0.55 surpassed the street view of $0.47.
核心營業利潤同比增長12％，達到27500萬美元，利潤率爲10.0％，去年同期爲9.3％。每股收益爲0.55美元，超過了0.47美元的市場預期。
As of June 30, 2024, the total store count was 15,423, comprising 10,931 KFC and 3,504 Pizza Hut locations. The company added 401 net new stores in the quarter, with 99 opened by franchisees.
截至2024年6月30日，門店總數爲15,423家，其中肯德基10,931家，必勝客3,504家。本季度加盟商新增了401家門店，其中99家爲加盟店。
In the second quarter, Yum China returned $249 million to shareholders through share repurchases and cash dividends.
在第二季度，百勝中國通過回購股份和派現金股息向股東返還2.49億美元。
Joey Wat, CEO of Yum China, said, "We achieved our most profitable second quarter since the spin-off, with core operating profit growing by 12% despite challenging industry dynamics. Our sharp focus on value-for-money and innovative new products worked well, driving robust same-store transaction growth."
百勝中國首席執行官屈毓蓉表示：“儘管行業環境嚴峻，我們實現了自分拆並以來最具盈利能力的第二季度，核心營業利潤同比增長了12％。我們對於性價比和創新新產品的嚴格把關效果不錯，推動了同店交易量的強勁增長。”
Outlook: Yum China reiterated FY24 targets and plans to open 1,500 to 1,700 new stores, invest $700 million to $850 million in capital expenditures, and return $1.5 billion to shareholders through dividends and share repurchases.
展望未來，百勝中國重申了FY24年度目標，並計劃開設1,500-1,700家新門店，投資7,0000萬至8,5000萬美元進行資本開支，並通過派息和回購方式向股東返還15億美元。
Apart from this, Yum China disclosed that Chief Financial Officer Andy Yeung will resign for personal reasons, effective September 30, 2024. Adrian Ding will serve as Acting CFO starting October 1, 2024.
此外，百勝中國披露，CFO Andy Yeung因個人原因將於2024年9月30日辭職。Adrian Ding將於2024年10月1日擔任代理CFO。
Yum China also announced the appointment of Mikel Durham to the Board of Directors, effective August 12, 2024. In connection with the appointment, the size of the Board was increased to 12 directors, ten of whom are independent.
百勝中國還宣佈任命Mikel Durham爲董事會成員，任命自2024年8月12日生效。與此同時，董事會規模增加到12名，其中9名爲獨立董事。
Investors can gain exposure to YUMC via Invesco Golden Dragon China ETF (NASDAQ:PGJ) and Global X MSCI China Consumer Discretionary ETF (NYSE:CHIQ).
投資者可以通過金龍中國etf-invesco（NASDAQ：PGJ）和msci中國非必需消費etf-global x（NYSE：CHIQ）持有YUMC的股票。
Price Action: YUMC shares are up 8.39% at $32.30 premarket at the last check Tuesday.
股價表現：週二，截至最後一次檢查，YUMC股價在盤前上漲8.39％，報32.30美元。
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Photo by aleks-dorohovich- for Unsplash
Photo by aleks-dorohovich-for Unsplash