Financial Performance - Total revenue for Q1 2023 reached 2.67 billion in Q1 2022[2] - Operating profit was 191 million in the same quarter last year[5] - Net profit reached 100 million in Q1 2022[5] - Company restaurant revenue was 2,548 million year-over-year[19] - Operating profit surged to 191 million in the same quarter last year[19] - Net profit attributable to Yum China Holdings, Inc. was 100 million in Q1 2022[19] - Adjusted operating profit for the same period was 193 million year-over-year, indicating a 117% increase[26] - Adjusted net profit for the quarter was 102 million in the same quarter of 2022, marking a 186% increase[26] - Basic earnings per share for the quarter were 0.23 in the same quarter of the previous year, representing a 200% increase[26] Sales and Growth - System sales increased by 17% year-over-year, with KFC and Pizza Hut both contributing 17% growth[3] - Same-store sales rose by 8%, with KFC and Pizza Hut increasing by 8% and 7% respectively[3] - The company added a net of 233 new stores, bringing the total store count to 13,180 as of March 31, 2023[3] - The company targets to open approximately 1,100 to 1,300 new stores and plans capital expenditures between 900 million for the fiscal year 2023[14] - KFC's total restaurant count increased from 9,094 to 9,239, reflecting a net addition of 145 restaurants[29] - Pizza Hut's total restaurant count rose from 2,903 to 2,983, with a net addition of 80 restaurants[30] Profit Margins - Restaurant profit margin improved to 20.3%, up from 13.8% in the same period last year[3] - KFC's restaurant profit margin increased to 22.2% in Q1 2023, compared to 15.2% in Q1 2022, reflecting a 7.0 percentage point increase[13] - Pizza Hut's restaurant profit margin rose to 14.2% in Q1 2023, up from 10.7% in the same period last year, marking a 3.5 percentage point increase[13] - The restaurant profit margin improved to 20.3%, up from 13.8% in Q1 2022, indicating a 6.5 percentage point increase[19] Tax and Expenses - The actual tax rate for the quarter was 28.5%[3] - The actual tax rate improved to 28.5%, down from 33.1% in the previous year, reflecting a 4.6 percentage point decrease[19] - The company incurred total costs and expenses of 1,685 million and Pizza Hut's at $507 million[32] Strategic Initiatives - The company plans to focus on sales growth, expanding its store network, and strengthening its competitive advantages in 2023[6] - The CEO highlighted the importance of high-value promotions and menu innovations to drive sales during the Spring Festival[6] - The company remodeled 83 restaurants in Q1 2023 as part of its asset upgrade strategy[10] - The company continues to evaluate its restaurant profitability through restaurant profit and profit margin metrics, which are deemed effective indicators for investors[25] - The company plans to continue its centralized procurement model to enhance efficiency and profitability[36] - Future strategies include expanding market presence and developing new products and technologies[36] Membership and Digital Sales - The membership program for KFC and Pizza Hut reached over 430 million members, with member sales accounting for approximately 64% of system sales in Q1 2023[8] - Takeout sales represented about 36% of restaurant revenue, remaining stable compared to the same period last year, while digital orders accounted for approximately 89% of restaurant revenue[8] Sustainability and Corporate Responsibility - The company released its 2022 sustainability report, outlining commitments to environmental and social responsibility[14]
百胜中国(09987) - 2023 Q1 - 季度业绩