Primavera-Backed Yum China Opens 575 New Restaurants In 2016

Yum China Holdings, Inc., backed by private equity firm Primavera Capital Group and Ant Financial Services Group, opened 575 new restaurants during 2016, or a 5% net growth, to reach over 7,500 restaurants in total in the country, it said today.

However, same-store sales were flat, with an increase of 3% at KFC, offset by a decline of 7% at Pizza Hut Casual Dining.

"We continue to focus on our long-term growth formula: new unit development, same-store sales growth, and continued restaurant margin improvement. Right now, our top priority is consistently delivering positive same-store sales growth," said Micky Pant, CEO at Yum China, in a statement.

Yum China recorded a 31% year-on-year increase in operating profit to US$640 million in the full year ...

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