Yum China Non-GAAP EPS of $0.25 beats by $0.09, revenue of $2.49B beats by $160M
- Yum China press release (NYSE:YUMC): Q4 Non-GAAP EPS of $0.25 beats by $0.09.
- Revenue of $2.49B (+19.1% Y/Y) beats by $160M.
- Opened 542 net new stores in the fourth quarter. Total stores reached 14,644 as of December 31, 2023. KFC reached 10,296 stores and Pizza Hut reached 3,312 stores.
- Operating profit grew 170% to $110 million. Core operating profit grew 324%.
- Restaurant margin expanded to 10.7%.
- 2024 Outlook: Open approximately 1,500 to 1,700 net new stores.
- Make capital expenditures in the range of approximately $700 million to $850 million.
- From 2024 to 2026: Yum China targets to Reach a total store count of 20,000 by 2026.
- Achieve a high-single-to-double-digit CAGR for system sales and operating profit, and a double-digit CAGR for EPS, using 2023 as the base year excluding F/X.
- Return a minimum of $3 billion to shareholders through quarterly dividends and share repurchases.
- Shares +2.83%.