YUMC - Yum China Holdings Inc. (YUMC) Q1 2024 Earnings Call Transcript

2024-04-30 01:28:08 ET

Yum China Holdings, Inc. (YUMC)

Q1 2024 Earnings Conference Call

May 29, 2024 08:00 PM ET

Company Participants

Joey Wat - Chief Executive Officer

Andy Yeung - Chief Financial Officer

Florence Lip - Senior Director, Investor Relations

Conference Call Participants

Michelle Cheng - Goldman Sachs

Brian Bittner - Oppenheimer

Chen Luo - Bank of America

Lillian Lou - Morgan Stanley

Anne Ling - Jefferies

Ethan Wang - CLSA.

Sijie Lin - CICC

Presentation

Operator

Thank you for standing by, and welcome to the Yum China First Quarter 2024 Earnings Conference Call. [Operator Instructions]

I would now like to hand the conference over to Florence Lip, Investor Relations Senior Director. Please go ahead.

Florence Lip

Thank you, Operator. Hello, everyone. Thank you for joining Yum China's first quarter 2024 earnings conference call. On today's call are our CEO, Ms. Joey Wat; and our CFO, Mr. Andy Yeung.

I would like to remind everyone that our earnings call and investor materials contain forward-looking statements, which are subject to future events and uncertainties. Actual results may differ materially from these forward-looking statements. All forward-looking statements should be considered in conjunction with the cautionary statements in our earnings release and the risk factors included in our filings with the SEC. This call also includes certain non-GAAP financial measures and should carefully consider the comparable GAAP measures. Reconciliation of non-GAAP and the GAAP measures is included in our earnings release. You can find the webcast of this call and the PowerPoint presentation on our IR website. Please note that during today's call, all year-over-year growth results exclude the impact of foreign currency unless otherwise noted.

Now I would like to turn the call over to Joey Wat, CEO of Yum China. Joey?

Joey Wat

Hello, everyone, and thank you for joining us today. I’m proud to share that we turn in a solid performance in the first quarter. System sales grew 6% year-over-year on top of 17% growth last year. Our revenue reached US$3 billion in the quarter, an all-time high. Core operating profit improved to US$396 million from a high base of US$392 million last year....

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