YUMC - Why Yum China Stock Popped Today
2024-02-07 16:46:00 ET
Shares of Yum China (NYSE: YUMC) popped after the Chinese fast-food chain operator announced stronger-than-expected fourth-quarter 2023 results.
Yum China's total revenue in Q4 grew 19% year over year to $2.49 billion, translating to adjusted (non-GAAP) earnings of $103 million, or $0.25 per diluted share. Analysts, on average, were only expecting earnings of $0.16 per share on revenue of $2.33 billion.
Digging deeper into Yum China's results, system sales at KFC locations grew 20% year over year, helped by a combination of 12% growth from new restaurant locations, a 3% increase in same-store sales, and the lapping of temporary closures in last year's Q4. System sales from Yum China's Pizza Hut locations grew 24%, helped by a 12% increase from new locations, a 6% increase in same-store sales, and last year's temporary closures.
For further details see:
Why Yum China Stock Popped Today