2023-02-08 00:16Financial Performance - Yum China's total revenue decreased by 3% to $9.57 billion for the full year 2022 [7], and decreased by 9% to $2.09 billion for Q4 2022 [7], stated in reported currency - The company's system sales growth decreased by 5% for the full year and 4% for Q4, stated on a constant currency basis [7] - Same-store sales growth decreased by 7% for the full year and 4% for Q4, stated on a constant currency basis [7] - Restaurant margin increased to 14.1% for the full year and 10.4% for Q4 [7] - Adjusted operating profit was $633 million for the full year and $40 million for Q4 [7] - Digital sales reached approximately $8 billion in 2022 [13] Store Development and Expansion - The company expanded its portfolio by 1,159 stores in the full year 2022 [7] - Net new stores totaled 1,159 for the full year and 538 for Q4 [7] - The company expects to open approximately 1,100 to 1,300 net new stores in 2023 [50] Brand Performance - KFC's total stores reached 9,094 [16], with net new stores of 926 for the full year [16] - KFC's system sales growth decreased by 4% and same-store sales growth decreased by 7% for the full year [16], stated on a constant currency basis - KFC's restaurant margin was 15.7% for the full year [16] - KFC's delivery sales accounted for approximately 38% of company sales for the full year [16] - Digital orders accounted for approximately 89% of KFC's company sales for the full year [16] Capital Allocation - The company's capital expenditure is expected to be in the range of $700 million to $900 million in 2023 [50] - The company had approximately $1.2 billion share repurchases authorization remained available as of December 31, 2022 [48]