Financial Performance - Total revenue for Q1 2022 was $2.67 billion, an increase of 4% compared to $2.56 billion in the same period last year[7]. - Operating profit for Q1 2022 was $191 million, a decrease of 44% from $342 million in the same period last year[7]. - Net profit for Q1 2022 was $100 million, down 57% from $230 million year-over-year[7]. - Adjusted net profit for Q1 2022 was $102 million, a decrease of 56% compared to $233 million in the same period last year[7]. - The adjusted operating profit for Q1 2022 was $193 million, a decrease of 44% from $345 million in Q1 2021[8]. - The company reported a decline in net cash generated from operating activities to $171 million from $331 million in the previous year[28]. - The company’s net profit attributable to Yum China Holdings, Inc. was $100 million for the quarter ending March 31, 2022, compared to $230 million in the same quarter of 2021, a decline of about 56.5%[33]. - The adjusted EBITDA for the company was $365 million for the quarter ending March 31, 2022, down from $476 million in the same quarter of 2021, indicating a decrease of approximately 23.3%[33]. - The company’s basic earnings per share (EPS) was $0.23 for the quarter ending March 31, 2022, compared to $0.55 in the same quarter of 2021, a decline of about 58.2%[32]. Sales and Store Performance - System sales decreased by 4% year-over-year, with KFC and Pizza Hut declining by 4% and 1% respectively[7]. - Same-store sales fell by 8% year-over-year, with KFC and Pizza Hut down by 9% and 5% respectively[7]. - The company opened 329 new stores in Q1 2022, bringing the total number of stores to 12,117[7]. - The company opened 522 new stores in Q1 2022, resulting in a net increase of 329 stores, bringing the total to 12,117 stores as of March 31, 2022[13]. - The company plans to continue expanding its restaurant network and enhancing its product offerings in the upcoming quarters[40]. - As of March 31, 2022, the total number of self-operated restaurants increased to 7,668, up from 7,437 at the end of 2021, representing a growth of approximately 3.1%[36]. - KFC generated $1,991 million in revenue, while Pizza Hut contributed $542 million for the quarter ending March 31, 2022[39]. Operational Challenges - The company faced significant operational challenges due to the Omicron variant, with over 3,000 stores temporarily closed or offering only takeout in April 2022[4]. - The company experienced a significant increase in operational costs, particularly in food and packaging, due to inflationary pressures[40]. - The restaurant profit margin was 13.8%, down from 18.7% in the same period last year, primarily due to declining same-store sales[7]. - The restaurant profit margin for KFC was 15.2%, down from 19.9% in the previous year, reflecting a 4.7 percentage point decline[25]. - The restaurant profit margin was 10.7%, down from 15.3% year-over-year, reflecting a decrease of 4.6 percentage points[26]. Tax and Financial Metrics - The effective tax rate for Q1 2022 was 33.1%[7]. - The actual tax rate for the quarter was 33.1%, up from 29.6% in the same quarter of 2021, indicating an increase of 3.5 percentage points[32]. - The effective tax rate increased to 33.1%, compared to 29.6% in the previous year, reflecting a 3.5 percentage point increase[24]. Shareholder Returns - The company repurchased approximately 5 million shares for a total of $232 million at an average price of $46.57 per share in Q1 2022[10]. - The company has approximately $1.4 billion remaining in its stock repurchase authorization as of March 31, 2022[10]. Digital and Membership Performance - Digital orders accounted for approximately 88% of restaurant revenue in Q1 2022, up from 86% in the same period last year[11]. - As of the end of Q1 2022, KFC and Pizza Hut had a combined membership of over 370 million, with membership sales accounting for about 62% of system sales[11]. - Takeout revenue represented approximately 36% of restaurant income in Q1 2022, an increase of about 5 percentage points year-over-year[11]. Company Recognition and Rankings - The company was ranked 363rd on the 2021 Fortune 500 list and was included in the Bloomberg Gender-Equality Index for the fourth consecutive year in 2022[23].
百胜中国(09987) - 2022 Q1 - 季度财报