Revenue and Sales Performance - Total revenue grew by 5% to $3.07 billion, marking the highest quarterly revenue in history[4]. - Digital order revenue reached $2.61 billion, accounting for approximately 90% of restaurant revenue[4]. - Same-store sales index improved to 97% of last year's level, with a 1% year-over-year increase in same-store transaction volume[4]. - KFC's total revenue for Q3 2024 reached $2.311 billion, a 6% increase compared to Q3 2023[8]. - Pizza Hut's total revenue for Q3 2024 was $615 million, a 2% increase compared to Q3 2023[10]. - Total revenue for the nine months ended September 30, 2024, reached $8,708 million, reflecting a 17% increase compared to $8,485 million for the same period last year[22]. - Total revenue for the company reached $2,914 million, with KFC contributing $2,186 million and Pizza Hut $599 million[47]. - Total revenue for the company reached $8,485 million, with KFC contributing $6,368 million and Pizza Hut contributing $1,750 million[51]. Profitability and Operating Performance - Operating profit rose by 15% to $371 million, with a core operating profit increase of 18%[4]. - KFC's operating profit for Q3 2024 was $364 million, up 6% year-over-year, with an operating profit margin of 15.7%[9]. - Pizza Hut's operating profit for Q3 2024 was $52 million, reflecting a 13% year-over-year increase[11]. - The operating margin improved to 12.1% for the quarter, up from 11.1% in the same quarter last year, indicating enhanced operational efficiency[22]. - The company reported a basic earnings per share of $0.77 for the quarter, compared to $0.59 in the same quarter last year, marking a significant increase[22]. - The company reported a net profit of $854 million for the nine months ending September 30, 2024, compared to $794 million for the same period in 2023, reflecting a growth of approximately 7.6%[28]. - The company reported a net loss of $371 million after adjustments for special items[46]. - The company reported a net loss of $20 million in other segments, impacting overall profitability[52]. Store Expansion and System Sales - The total number of stores reached 15,861, including 11,283 KFC and 3,606 Pizza Hut locations, with a net addition of 438 stores in the third quarter[4]. - KFC added 352 new restaurants in Q3 2024, with 134 of them being franchise locations, accounting for 38% of the new openings[9]. - The company aims to add approximately 1,500 to 1,700 new stores and plans capital expenditures between $700 million and $850 million for fiscal year 2024[15]. - The number of brand restaurants increased to 11,283 as of September 30, 2024, from 10,296 at the end of 2023, representing a net increase of 987 locations[31]. - The company opened 110 new stores in the nine months ending September 30, 2024, compared to 97 new stores in the same period of 2023, showing a growth of 13.4%[32]. Shareholder Returns and Financial Management - Shareholder returns increased by 50% to $4.5 billion for the period from 2024 to 2026[3]. - The company repurchased $187 million in stock and paid $61 million in cash dividends, returning approximately $248 million to shareholders in the third quarter[4]. - The company plans to return a record $1.5 billion to shareholders through quarterly cash dividends and stock buybacks[15]. - In the first nine months of the year, the company returned a record $1.24 billion to shareholders, including $1.06 billion in stock buybacks and $187 million in cash dividends[7]. - The company plans to increase shareholder returns from $3 billion to $4.5 billion between 2024 and 2026, a 50% increase[7]. Cost Management and Expenses - Total costs and expenses for the quarter were $2,700 million, a 4% increase from $2,591 million in the same quarter last year[22]. - KFC's total costs and expenses for the quarter were $1,947 million, a 6% increase from $1,844 million in the same quarter of 2023[23]. - Pizza Hut's total costs and expenses for the quarter were $563 million, a 1% increase from $552 million in the same quarter of 2023[24]. - Management expenses were reported at $485 million, with KFC at $203 million and Pizza Hut at $89 million[51]. Strategic Initiatives and Future Outlook - The company continues to implement the "RGM 2.0 strategy" focusing on efficiency and innovation to drive growth[5]. - The company plans to continue expanding its market presence and investing in new product development to drive future growth[22]. - Future guidance indicates a focus on improving operational efficiency and enhancing customer experience[45]. - The company emphasizes the importance of adjusted non-GAAP measures to provide additional insights into operational performance, excluding special items and foreign currency effects[33].
百胜中国(09987) - 2024 Q3 - 季度业绩