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Jun 30, 2021
Yum China Q2 2021 Earnings Report
Yum China's results improved, driven by new store openings, same-store sales growth, lower commodity prices and productivity improvements.
Key Takeaways
Yum China reported a strong second quarter with total revenues increasing by 29% year over year to $2.45 billion. System sales grew by 14%, and same-store sales were up by 5% in constant currency. The company opened 404 new stores, reaching a total of 11,023 stores.
Total revenues increased 29% year over year to $2.45 billion.
Total system sales increased 14% year over year, with increases of 14% at KFC and 16% at Pizza Hut, excluding F/X.
Same-store sales increased 5% year over year, with increases of 4% at KFC and 11% at Pizza Hut, excluding F/X.
Operating Profit increased 83% year over year to $233 million.
Revenue by Segment
Forward Guidance
Yum China is updating its fiscal year 2021 targets.
Positive Outlook
- To open approximately 1,300 gross new stores, an increase compared to the original target of 1,000, primarily due to the acceleration of KFC and Pizza Hut store expansion.
- To make capital expenditures of approximately $700-800 million, an increase compared to the original target of $600 million, as a result of additional new stores and stepped-up investment in infrastructure and digitalization.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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