Exhibit 99.1

Yum China Reports Fourth Quarter and Full Year 2020 Results


Fourth Quarter Total Revenues grew 11%. System Sales grew 5% in constant currency

Fourth Quarter Operating Profit grew to $180 million

Opened 1,165 new stores in 2020


Shanghai, China (February 3, 2021) – Yum China Holdings, Inc. (the "Company" or "Yum China") (NYSE: YUMC and HKEX: 9987) today reported unaudited results for the fourth quarter and year ended December 31, 2020.


Impact of COVID-19 Outbreak and Mitigation Efforts  

Fourth quarter operations improved sequentially from the third quarter. The Company’s primary focus continues to be safety, efficiency and sales recovery. To counter the pandemic impact, we ran strong value and digital campaigns to drive traffic. Delivery and takeaway remained popular, while dine-in recovered sequentially. Proactive cost structure realignment, productivity improvements and one-off cost savings helped us achieve year-over-year expansion of restaurant margins and operating profit. However, the pace of recovery was uneven and non-linear, impacted by regional resurgences of COVID-19 in Qingdao, Xinjiang, Beijing, Dalian and elsewhere. October sales benefited from the National Day long holiday, but November and December sales were pressured by the regional outbreaks. Traffic at transportation hubs remained significantly below the prior year due to reduced travel.


The impact of regional resurgences has continued into the first quarter of 2021. In January, there were clusters of outbreaks, mostly in northern and northeastern China, resulting in tighter public health measures across China. There are now measures restricting travel and large gatherings, and recommendations against dining out. Several cities have been put on city-wide quarantine, including Shijiazhuang which has an 11-million population and is the capital city of Hebei province.


The Company anticipates significant headwinds in the first quarter. Our transportation and tourist locations, representing high single digits of sales mix, will likely be more significantly impacted. In the first few days of the Chinese New Year travel season, which started in late January, the number of travelers declined over 70% year-over-year. The important Chinese New Year holiday season will be subdued, with sales impacted by substantially less travel, smaller gatherings and generally reduced social activities. Our teams are closely monitoring this fluid situation and adjusting marketing programs and operations accordingly. Please also note that in 2020, COVID-related lockdowns started in late January, so they only impacted the last two months of that quarter. January 2020 sales were strong leading into Chinese New Year.


Fourth Quarter Highlights


Total revenues increased 11% year over year to $2.26 billion from $2.03 billion (a 5% increase excluding foreign currency translation (“F/X”)).


Total system sales increased 5% year over year, with an increase of 3% at KFC and a decline of 3% at Pizza Hut, excluding F/X.


Same-store sales declined 4% year over year, with declines of 4% at KFC and 5% at Pizza Hut, excluding F/X.


Opened 505 new stores during the quarter.


Restaurant margin was 15.1%, compared with 12.4% in the prior year period.


Operating Profit increased 90% year over year to $180 million from $94 million (a 78% increase excluding F/X).



Adjusted Operating Profit increased 72% year over year to $182 million from $105 million (a 61% increase excluding F/X).



Effective tax rate was 28.0%.


Net Income increased 68% to $151 million from $90 million in the prior year period, primarily due to the increase in Operating Profit.



Adjusted Net Income increased 56% to $153 million from $98 million in the prior year period (a 76% increase excluding the $23 million and $24 million net gains in the fourth quarter of 2020 and 2019, respectively, from our equity investment in Meituan Dianping (“Meituan”); a 65% increase if further excluding F/X).



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


The following information was filed by Yum China Holdings, Inc. (YUMC) on Wednesday, February 3, 2021 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-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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