NYSE$YUMC
Yum China Holdings Inc · Q4 2023 earnings
Q4 2023 earnings · · Investor relations
Briefing
Yum China's Q4 2023 performance showed strong growth, driven by system sales increase and strategic expansion.
Yum China reported a strong fourth quarter in 2023, with total revenues increasing by 19% to $2.49 billion and operating profit growing by 170% to $110 million. The company opened 542 net new stores, reaching a total of 14,644 stores. They also increased the dividend by 23% and stepped up 2024 share repurchases to $1.25 billion
- Total system sales grew 21% year over year excluding foreign currency translation, driven by net new unit contribution and same-store sales growth.
- Opened 542 net new stores in the fourth quarter, reaching a total of 14,644 stores as of December 31, 2023.
- Operating profit grew 170% to $110 million, with core operating profit growing 324%.
- The board declared a 23% increase in cash dividend to $0.16 per share and the Company plans to repurchase $1.25 billion of its common stock in 2024.
Headline financials
Revenue & EPS history
Yum China · Revenue · Quarterly
$2.49B
Revenue by segment
Yum China · $2.79B total across 2 segments · Q3 2023
- KFC$2.19B+8.4%78.5%
- Pizza Hut$599M+6.8%21.5%
Forward guidance
In 2024, Yum China plans to open approximately 1,500 to 1,700 net new stores and make capital expenditures in the range of approximately $700 million to $850 million.
Tailwinds
- Open approximately 1,500 to 1,700 net new stores.
- Reach a total store count of 20,000 by 2026.
- Achieve a high-single-to-double-digit CAGR for system sales and operating profit, and a double-digit CAGR for EPS, using 2023 as the base year excluding F/X.
- Return a minimum of $3 billion to shareholders through quarterly dividends and share repurchases.
- Make capital expenditures in the range of approximately $700 million to $850 million.
Historical earnings impact
How earnings announcements have historically affected this stock's price.
Avg. return before/after earnings
Based on 20 quarterly earnings reports · overlaid with Q4 2023
+1.5%
Avg return
Earnings day
+2.5%
Avg return
5 days after
+3.0%
Avg return
30 days after
71%
32 / 45 earnings
Positive
+15.6%
Q3 2018
Best reaction
-16.1%
Q3 2023
Worst reaction
| Quarter | Report date | Reaction (Day 0) | +5 days | +30 days |
|---|---|---|---|---|
| Q1 2026 | +2.9% | +1.0% | -10.4% | |
| Q4 2025 | +1.8% | +13.3% | +2.1% | |
| Q3 2025 | +2.0% | -0.9% | +6.0% | |
| Q1 2025 | -7.2% | -6.8% | -6.5% | |
| Q4 2024 | +9.1% | +4.3% | +9.2% | |
| Q3 2024 | +7.3% | +9.4% | +4.5% | |
| Q2 2024 | +13.0% | +14.0% | +14.0% | |
| Q1 2024 | -7.9% | -3.1% | -12.1% | |
| Q4 2023 | +12.4% | +12.2% | +14.4% | |
| Q3 2023 | -16.1% | -14.6% | -18.7% | |
| Q2 2023 | -4.0% | -6.3% | -9.9% | |
| Q1 2023 | +0.8% | +0.8% | -8.0% | |
| Q4 2022 | +2.7% | +4.6% | -1.4% | |
| Q3 2022 | +12.0% | +20.8% | +32.5% | |
| Q2 2022 | +4.8% | +3.3% | +6.4% | |
| Q1 2022 | +1.8% | -3.8% | +7.1% | |
| Q4 2021 | +2.7% | +11.1% | -3.7% | |
| Q3 2021 | -2.4% | -1.9% | -13.9% | |
| Q2 2021 | +1.9% | +1.0% | -1.5% | |
| Q1 2021 | +5.8% | +5.0% | +11.9% | |
| Q4 2020 | -4.3% | +2.0% | +3.3% | |
| Q3 2020 | +0.4% | -2.5% | +8.2% | |
| Q2 2020 | -3.5% | -0.7% | +7.4% | |
| Q1 2020 | +8.7% | +1.0% | -3.4% | |
| Q4 2019 | -1.3% | -4.3% | -3.9% | |
| Q3 2019 | +1.2% | -4.8% | +1.4% | |
| Q2 2019 | +0.2% | -0.6% | -0.2% | |
| Q1 2019 | +5.6% | +5.2% | -13.9% | |
| Q4 2018 | +9.6% | +12.9% | +15.4% | |
| Q3 2018 | +15.6% | +15.4% | +14.7% | |
| Q2 2018 | -2.2% | -4.6% | +7.2% | |
| Q1 2018 | -13.5% | -10.7% | -8.1% | |
| Q4 2017 | -6.6% | -9.3% | -5.6% | |
| Q3 2017 | +2.3% | +6.6% | +4.8% | |
| Q2 2017 | -13.2% | -7.3% | -7.8% | |
| Q1 2016 | +1.9% | +6.1% | +10.0% | |
| Q1 2017 | +10.0% | +12.1% | +21.0% | |
| Q1 2015 | +0.7% | +1.8% | +19.8% | |
| Q2 2015 | +0.7% | +1.8% | +19.8% | |
| Q4 2014 | +0.7% | +1.8% | +19.8% | |
| Q2 2016 | +0.7% | +1.8% | +19.8% | |
| Q4 2016 | -5.8% | -7.7% | -9.0% | |
| Q3 2015 | +4.9% | +11.3% | -2.8% | |
| Q4 2015 | +4.9% | +11.3% | -2.8% | |
| Q3 2016 | +4.9% | +11.3% | -2.8% |
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