Exhibit 99.1

 

Yum China Reports 6% Same-Store Sales Growth and 10% System Sales Growth;

Operating Profit Up 11% YoY; Board Declares Initial Dividend and Expands Share Repurchase Authorization

Shanghai, China (Oct. 5, 2017) – Yum China Holdings, Inc. (the “Company” or “Yum China”) (NYSE: YUMC) today reported unaudited results for the third quarter ended August 31, 2017.

Third Quarter Highlights

 

Same-store sales grew 6%, including growth of 7% at KFC, flat at Pizza Hut.

 

Total system sales grew 10%, including growth of 11% at KFC and 7% at Pizza Hut, excluding foreign currency translation (“F/X”).

 

Opened 129 new restaurants during the quarter.

 

Total restaurant margin increased 0.8 percentage points to 20.0%, primarily driven by same-store sales leverage.

 

Operating profit increased 11%, and 13% excluding F/X, primarily driven by same-store sales growth. F/X negatively impacted reported operating profit by $5 million.

 

Basic EPS increased 4% to $0.55 and diluted EPS was flat at $0.53.

 

Effective tax rate was 31.7%, compared to 29.8% in the prior-year quarter, primarily due to higher costs of repatriating current year earnings into the U.S.

 

Net income increased 9% to $211 million.

 

Adjusted EBITDA increased 9% to $425 million.

Dividend and Share Repurchase

 

The Board of Directors has approved a regular quarterly cash dividend program, and declared an initial cash dividend of $0.10 per share on Yum China’s common stock.

 

The Board of Directors has increased Yum China’s existing share repurchase authorization from $300 million to an aggregate of $550 million.

Key Results

 

 

 

Third Quarter

 

 

Year to Date

 

 

 

 

% Change

 

 

% Change

 

 

 

 

System

Sales

 

Same-Store

Sales

 

Net New

Units

 

Operating

Profit

 

 

System

Sales

 

Same-Store

Sales

 

Net New

Units

 

Operating

Profit

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Yum China

 

+10

 

+6

 

+6

 

+11

 

 

+7

 

+4

 

+6

 

+23

 

 

KFC

 

+11

 

+7

 

+5

 

+20

 

 

+8

 

+4

 

+5

 

+20

 

 

Pizza Hut

 

+7

 

-

 

+8

 

-

 

 

+7

 

+1

 

+8

 

+37

 

 

Yum China Holdings, Inc. •   Website http://ir.yumchina.com


The following information was filed by Yum China Holdings, Inc. (YUMC) on Thursday, October 5, 2017 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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