Summary by Moomoo AI
Yum China announced CFO Andy Yeung will resign effective September 30, 2024, to be succeeded by Adrian Ding as Acting CFO. The company also appointed Mikel Durham, former American Seafoods CEO, as a new board director effective August 12, expanding the board to 12 members.The company achieved record Q2 revenue of $2.68 billion, up 1% YoY, with operating profit growing 4% to $266 million. Core operating profit increased 12% to $275 million, while diluted EPS rose 17% to $0.55. System sales grew 4% YoY, driven by 8% net new unit contribution, with 401 new stores opened in Q2.Restaurant margin was 15.5%, with KFC and Pizza Hut maintaining strong digital engagement as delivery sales grew 11% YoY. Digital sales reached $2.2 billion, accounting for 90% of company sales. The company returned $249 million to shareholders through dividends and share repurchases in Q2, bringing total returns to nearly $1 billion year-to-date.
