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百胜中国(09987) - 2023 Q2 - 季度业绩
09987YUM CHINA(09987)2023-07-31 22:09

Financial Performance - Total revenue for Q2 2023 reached 2.65billion,a252.65 billion, a 25% increase from 2.13 billion in the same period last year[3]. - Net profit for Q2 2023 was 197million,a138197 million, a 138% increase from 83 million in the same period last year[3]. - Adjusted net profit for Q2 2023 was 199million,a137199 million, a 137% increase from 84 million in the same period last year[6]. - Total revenue for the six months ended June 30, 2023, was 5,289million,a165,289 million, a 16% increase from 4,574 million in the same period of 2022[21]. - Net profit for the six months ended June 30, 2023, was 486million,comparedto486 million, compared to 197 million in the same period of 2022, representing a significant increase[21]. - Net profit for Yum China Holdings, Inc. was 197millionforthequarterendedJune30,2023,comparedto197 million for the quarter ended June 30, 2023, compared to 83 million for the same quarter in 2022, representing a significant increase[29]. - The company reported a net income of 673million,indicatingstrongfinancialperformance[38].SalesandRevenueGrowth−Systemsalesincreasedby32673 million, indicating strong financial performance[38]. Sales and Revenue Growth - System sales increased by 32% year-over-year, with KFC and Pizza Hut growing by 32% and 30% respectively, excluding foreign exchange impacts[3]. - Same-store sales rose by 15%, with KFC and Pizza Hut increasing by 15% and 13% respectively, excluding foreign exchange impacts[3]. - Company restaurant revenue reached 2,517 million for the quarter, up 24% from 2,026millionyear−over−year[21].−KFC′srevenueforthesixmonthsendedJune30,2023,was2,026 million year-over-year[21]. - KFC's revenue for the six months ended June 30, 2023, was 1,954 million, a 24% increase from 1,571millioninthesameperiodof2022[22].−PizzaHut′srevenueforthesixmonthsendedJune30,2023,was1,571 million in the same period of 2022[22]. - Pizza Hut's revenue for the six months ended June 30, 2023, was 1,137 million, a 15% increase from 985millioninthesameperiodof2022[23].−KFC′stotalincomeforthesixmonthsendedJune30,2023,was985 million in the same period of 2022[23]. - KFC's total income for the six months ended June 30, 2023, was 1,984 million, a 24% increase from 1,594millioninthesameperiodof2022[22].−PizzaHut′stotalincomeforthesixmonthsendedJune30,2023,was1,594 million in the same period of 2022[22]. - Pizza Hut's total income for the six months ended June 30, 2023, was 1,151 million, a 16% increase from 995millioninthesameperiodof2022[23].ProfitabilityMetrics−Operatingprofitwas995 million in the same period of 2022[23]. Profitability Metrics - Operating profit was 257 million, up 216% from 81millioninQ22022,primarilydrivenbyhighersame−storesalesandimprovedprofitmargins[3].−AdjustedoperatingprofitforQ22023was81 million in Q2 2022, primarily driven by higher same-store sales and improved profit margins[3]. - Adjusted operating profit for Q2 2023 was 259 million, a 215% increase from 82millioninQ22022[6].−Therestaurantprofitmarginimprovedto16.182 million in Q2 2022[6]. - The restaurant profit margin improved to 16.1%, compared to 12.1% in the same period last year[3]. - Operating profit margin improved to 10.2% for the quarter, compared to 4.0% in the same quarter last year, reflecting a 6.2 percentage point increase[21]. - KFC's restaurant profit margin improved to 17.3% for the six months ended June 30, 2023, compared to 13.4% in the same period of 2022[22]. - Pizza Hut's restaurant profit margin was 12.4% for the six months ended June 30, 2023, compared to 8.6% in the same period of 2022, showing improved efficiency[23]. Store Expansion - The company added a net of 422 new stores in Q2 2023, bringing the total number of stores to 13,602 as of June 30, 2023[3]. - The company opened a net total of 655 new stores in the first half of 2023, with KFC exceeding 1,900 towns and Pizza Hut surpassing 3,000 stores in China[7][11]. - The company has a target of opening approximately 1,100 to 1,300 new stores for the fiscal year 2023[15]. - Total restaurant count increased to 9,562 as of June 30, 2023, with KFC operating 8,612 restaurants and Pizza Hut operating 3,072 restaurants[31][32]. Digital and Membership Growth - As of June 30, 2023, the total membership for KFC and Pizza Hut reached over 445 million, with membership sales accounting for approximately 66% of system sales[9][10]. - Digital orders, including takeout, mobile orders, and self-service kiosk orders, accounted for about 90% of restaurant revenue in Q2 2023[9][10]. Cost Management and Financial Health - Total costs and expenses for the six months ended June 30, 2023, were 4,898 million, an 8% increase from 4,524millioninthesameperiodof2022[21].−Thecompanyreportedadecreaseininventorynetamountto4,524 million in the same period of 2022[21]. - The company reported a decrease in inventory net amount to 396 million from 417million,adeclineof5.0417 million, a decline of 5.0%[24]. - The company repurchased approximately 1 million shares for a total of 62 million at an average price of 60.23pershareinQ22023[8].−Thecompanyrepurchasedcommonstockamountingto60.23 per share in Q2 2023[8]. - The company repurchased common stock amounting to 122 million, compared to $400 million in the same period of 2022, indicating a reduction in buyback activity[25]. Strategic Initiatives and Future Plans - The company plans to continue expanding its store network while maintaining strict cost control measures to drive long-term sustainable growth[7][13]. - The company aims to become the world's most innovative restaurant pioneer, leveraging its strong digital capabilities and supply chain management[20]. - Future growth strategies include exploring and developing the Lavazza coffee concept in China[20]. - The company plans to focus on expanding its market presence and enhancing its product offerings in the upcoming quarters[42]. - The company is exploring potential acquisitions to enhance its market position and diversify its offerings[38].