Financial Performance - Total revenue for Q3 2022 was $2.68 billion, a 5% increase from $2.55 billion in the same period last year[6]. - Operating profit rose by 77% to $316 million, compared to $178 million in Q3 2021[6]. - Net profit reached $206 million, a 98% increase from $104 million in the same quarter last year[6]. - Adjusted net profit was $208 million, a 117% increase from $96 million in Q3 2021[7]. - Diluted earnings per share were $0.49, a 104% increase from $0.24 in the same quarter last year[7]. - Company restaurant revenue reached $2,561 million, up 11% from $2,310 million in the same quarter of the previous year[24]. - Operating profit for the quarter was $316 million, representing a 77% increase compared to $178 million in the same quarter of 2021[24]. - Net profit attributable to Yum China Holdings, Inc. was $206 million, a 98% increase from $104 million in the same quarter of the previous year[24]. - The company reported a restaurant profit margin of 18.8%, up from 12.2% in the same quarter of 2021, reflecting a 6.6 percentage point increase[24]. - The operating profit margin improved to 12.3%, compared to 7.7% in the same quarter of the previous year, marking a 4.6 percentage point increase[24]. Restaurant Operations - System sales increased by 5% year-over-year, with KFC and Pizza Hut growing by 5% and 7% respectively, excluding foreign exchange impacts[6]. - The company added a net of 239 new restaurants in Q3, bringing the total to 12,409 locations as of September 30, 2022[6]. - Same-store sales remained flat year-over-year, with KFC unchanged and Pizza Hut increasing by 2%[6]. - The company opened 403 new stores in Q3 2022, resulting in a net increase of 239 stores, primarily driven by KFC and Pizza Hut brand development[12]. - Yum China operates 12,409 restaurants across over 1,700 cities in China as of September 2022[22]. - As of September 30, 2022, the total number of self-operated restaurants for KFC was 7,437, and for Pizza Hut, it was 2,590, resulting in a total of 10,027 restaurants[39]. - The company reported a net increase of 1,030 restaurants from new openings and closures as of September 30, 2022[41]. Market Strategy and Expansion - The company aims to add between 1,000 to 1,200 new stores by the end of the fiscal year[3]. - The company expects to open approximately 1,000 to 1,200 new stores in 2022, with capital expenditures estimated between $800 million and $1 billion[16]. - The company plans to continue expanding its market presence and investing in new product development to drive future growth[25]. - The company plans to continue expanding its market presence through new restaurant openings and potential acquisitions[40]. - The company is focusing on enhancing its product offerings and technology development to drive future growth[40]. - Future outlook includes continued expansion and potential new product development to drive revenue growth[45]. Membership and Sales Channels - The membership program now has over 400 million members, with member sales accounting for approximately 62% of system sales in Q3 2022[10]. - Takeout revenue represented about 38% of restaurant income, an increase of approximately 4 percentage points year-over-year[10]. - Digital orders, including takeout, mobile orders, and self-service kiosk orders, accounted for around 91% of restaurant income in Q3 2022[10]. Financial Health and Investments - The company repurchased approximately 270,000 shares for a total of $13 million at an average price of $48.05 per share in Q3 2022[9]. - The board declared a cash dividend of $0.12 per share, to be paid on December 20, 2022[9]. - The effective tax rate for the quarter was 29.9%, an increase of 1.6 percentage points from 28.3% in the same quarter of 2021[24]. - Total costs and expenses for the quarter were $2,369 million, a slight decrease from $2,376 million in the same quarter of 2021[24]. - The company reported a decrease in inventory from $432 million to $321 million, a reduction of approximately 25.7%[28]. - The company's cash and cash equivalents increased to $1,211 million from $1,136 million, reflecting a growth of about 6.6%[28]. - Total liabilities decreased to $4,528 million from $5,301 million, a reduction of about 14.5%[29]. - The total equity attributable to shareholders was $6,418 million, down from $7,056 million, representing a decline of approximately 9.0%[30]. Sustainability and Recognition - Yum China was ranked 359th on the Fortune 500 list in 2022[22]. - The company has been included in the Bloomberg Gender-Equality Index for four consecutive years[22]. - Yum China was selected for the Dow Jones Sustainability Index in 2021[22]. - The company has received certification as an outstanding employer in China[22]. Future Outlook and Guidance - The company continues to face uncertainties in the market, with expectations of potential negative impacts on sales and profits due to economic pressures and inflation[8]. - Forward-looking statements regarding 2022 performance outlook are included in the press release[21]. - The earnings conference call is scheduled for November 1, 2022, at 8 PM ET[19]. - The earnings report and related materials will be available on the investor relations website[19].
百胜中国(09987) - 2022 Q3 - 季度财报