yum china's interim report shows a decline in gross profit, but its target for fiscal 2024 remains unchanged
2024-09-11
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recently, yum china (09987.hk) released its interim report, showing that its operating income in january-june 2024 was 5.637 billion yuan, a year-on-year increase of 1.18%, gross profit was 1.122 billion yuan, a year-on-year decrease of 5.08%, and profit attributable to shareholders was 499 million yuan, a year-on-year increase of 2.67%, operating profit margin was 11.4%, a year-on-year decrease of 0.7 percentage points, and restaurant profit margin was 16.6%, a year-on-year decrease of 1.7 percentage points.
yum china mainly operates kfc and pizza hut restaurants. in the first half of the year, the total number of stores was 15,423, a year-on-year increase of 13%, including 13,278 self-operated restaurants and 2,145 franchised stores. kfc restaurants had a total revenue of 4.176 billion yuan in the first half of the year, and the restaurant profit margin dropped from 19.9% in the same period last year to 17.8%. pizza hut restaurants had a total revenue of 1.117 billion yuan, and the restaurant profit margin dropped from 13.3% in the same period last year to 12.8%.
yum china said its fiscal 2024 targets remain unchanged, including net additions of approximately 1,500 to 1,700 new stores, capital expenditures of approximately $700 million to $850 million, and a record return of $1.5 billion to shareholders in the form of quarterly cash dividends and stock repurchases.
haidai financial comprehensive
