Financial Performance - Total revenue for 2024 reached $11 billion, with a net addition of 1,751 stores[3] - Operating profit for Q4 increased by 36% to $151 million, with an operating profit margin of 5.8%, up 140 basis points year-over-year[3][6] - Same-store sales index improved to 99% of last year's level, marking the eighth consecutive quarter of same-store transaction growth[3][7] - Digital order revenue reached $9.6 billion, accounting for approximately 90% of the company's restaurant revenue[3] - The company reported operating profit of $192 million in Q4 2024, a 15% increase year-over-year, while core operating profit rose by 18%[11] - For the full year 2024, total revenue reached $8.51 billion, a 3% increase compared to $8.24 billion in 2023[11] - The company reported a net profit of $911 million for the year, up 10% from $827 million in 2023[23] - Total revenue for the quarter ended December 31, 2024, was $2,595 million, a 4% increase from $2,493 million in 2023[23] - Net profit attributable to Yum China Holdings, Inc. was $115 million, an 18% increase from $97 million in the same quarter of 2023[23] - For the full year 2024, total revenue reached $11,303 million, a 3% increase from $10,978 million in 2023[23] Shareholder Returns - The company returned $1.5 billion to shareholders in 2024, including $248 million in cash dividends and $1.24 billion in stock buybacks[3][7] - The company plans to increase cash dividends by 50% and aims to return $4.5 billion to shareholders from 2024 to 2026[7] - The company plans to return $3 billion to shareholders between 2025 and 2026, building on the $1.5 billion returned in 2024[17] - The company announced a 50% increase in cash dividends to $0.24 per share, payable on March 27, 2025[10] Store Expansion - The total number of stores increased by 12% to 16,395, with 534 new stores added in Q4[3][6] - The company is targeting 20,000 stores by 2026, leveraging franchisees to expand into previously hard-to-reach areas[7] - The number of KFC restaurants increased by 1,352 in 2024, reaching a total of 11,648 locations, marking a 13% growth[12] - For the fiscal year 2024, Pizza Hut added 412 new stores, with a total of 3,724 stores by year-end[17] - The company expects to add approximately 1,600 to 1,800 new stores in fiscal year 2025, with capital expenditures between $700 million and $800 million[17] Profitability Metrics - Core operating profit grew by 12% to $1.2 billion for the full year[3] - Adjusted diluted earnings per share for 2024 was $2.33, an 18% increase from $1.97 in 2023[8] - The operating profit margin for KFC was 9.9% in Q4 2024, reflecting a 100 basis point increase year-over-year[12] - The restaurant profit margin for the quarter was 9.3%, with a year-over-year increase of 220 basis points after adjusting for comparable items[17] - The company achieved a restaurant profit margin of 12.0% for the fiscal year, with a year-over-year increase of 60 basis points after adjustments[17] - The restaurant profit margin for KFC was 16.9%, while Pizza Hut's was 12.0%, leading to an overall margin of 15.7%[55] Membership and Sales - Membership for KFC and Pizza Hut exceeded 525 million, with member sales accounting for 65% of total system sales[3] - System sales increased by 5% in Q4 2024, with same-store sales reaching 99% of the previous year's level, up from 98% in Q3[12] - Pizza Hut's system sales increased by 3% year-over-year, with same-store sales reaching 98% of last year's level, up from 94% in Q3[17] Financial Adjustments and Metrics - The company believes that presenting core operating profit enhances comparability of past operating performance and related trends[42] - The company has made adjustments to financial metrics to exclude special items and items affecting comparability, providing additional information for investors[43] - The company emphasizes that adjusted financial metrics are not intended to replace GAAP financial performance but provide additional insights for performance comparison[40] Tax and Expenses - The effective tax rate for the quarter was 27.6%, an increase of 3.4 percentage points from 24.2% in the previous year[23] - The company’s total restaurant expenses amounted to $2,133 million for the quarter, with KFC's expenses at $1,668 million and Pizza Hut's at $452 million[50] - Company restaurant expenses totaled $2,090 million, with KFC at $1,621 million and Pizza Hut at $449 million[52] Other Financial Highlights - The company reported a net impairment charge of $12 million for closed stores[52] - The company incurred a net loss of $15 million from all other segments, impacting overall profitability[55] - The company received rental reductions and government subsidies due to the impact of COVID-19, which were recognized as reductions in restaurant expenses[15]
百胜中国(09987) - 2024 Q4 - 季度业绩