百胜中国(09987) - 2023 Q4 - 季度业绩

Financial Performance - In Q4 2023, Yum China reported a 21% increase in system sales, driven by a 12% contribution from net new stores and a 4% same-store sales growth[2]. - The total revenue for 2023 reached $10.98 billion, marking a 19$1.1 billion, with core operating profit increasing by 79%[3]. - Net profit for 2023 was $827 million, up 87$442 million in 2022[6]. - Total revenue for the year ended December 31, 2023, was $10,978 million, representing a 15$9,569 million in 2022[19]. - Company restaurant revenue for the fourth quarter of 2023 was $2,343 million, up 19$1,975 million in the same quarter of 2022[19]. - Operating profit for the year was $1,106 million, a 76$629 million in 2022[19]. - The effective tax rate for the year was 26.9%, down from 30.1% in the previous year, a decrease of 3.2 percentage points[19]. - Basic earnings per share for the fourth quarter were $0.23, compared to$0.13 in the same quarter of the previous year[19]. - Net profit for the quarter was $97 million, compared to$53 million in the same quarter of 2022, reflecting an increase of 83%[31]. Store Expansion - The company added 1,697 new stores in 2023, bringing the total store count to 14,644, covering over 2,000 towns[2]. - KFC opened a record 1,202 new stores in 2023, bringing the total to 10,296 stores[9]. - The company plans to add approximately 1,500 to 1,700 new stores in 2024[13]. - The total number of stores is expected to reach 20,000 by 2026[13]. Profit Margins - The restaurant profit margin expanded to 16.3%, with a 270 basis point increase when excluding non-comparable items[3]. - KFC's restaurant profit margin for 2023 was 17.7%, an increase of 240 basis points from the previous year[9]. - Pizza Hut's restaurant profit margin for 2023 was 11.8%, an increase of 330 basis points from the previous year[12]. - The restaurant profit margin for KFC was 12.0%, while Pizza Hut's was 7.3% for the quarter ended December 31, 2023[36]. Digital and Membership Growth - Digital order revenue exceeded $9.2 billion, accounting for approximately 89$0.16 per share, payable on March 26, 2024[5]. - The company announced a stock repurchase program of $1.25 billion for 2024, including$750 million in the U.S. and $500 million in Hong Kong[5]. - The company aims to return at least$3 billion to shareholders through quarterly cash dividends and stock buybacks[13]. Future Outlook - The company aims to serve half of China's population by 2026, currently serving one-third[7]. - System sales and operating profit are anticipated to achieve high single-digit to double-digit annual compound growth, with earnings per share expected to grow at a double-digit annual compound rate from 2023[13]. - The company plans to continue expanding its market presence and investing in new product development[19]. - New product development initiatives are underway to improve customer engagement and drive sales growth[44]. - The company is exploring potential acquisitions to strengthen its market position and diversify its portfolio[44]. Employee and Operational Insights - The company reported a significant increase in employee benefits expenses, which rose to $2,725 million, up 14$2,389 million in 2022[19]. - The management emphasized the importance of cost control measures to improve profitability in the future[44]. Recognition and Sustainability - Yum China ranked first in the global restaurant and leisure facilities industry in the 2023 S&P Global Corporate Sustainability Assessment[13]. - The company has been recognized as a "Top Employer in China" for six consecutive years, leading the restaurant industry[13]. - Yum China was listed as the fifth most admired company in the global food service industry by Fortune magazine in 2024[13].