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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