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Yum China Holdings, Inc. has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing reports total revenues of $3,071 million for the quarter, an increase of 5% compared to the same period in 2023. This growth was driven by a 7% increase in net new unit contribution, partially offset by a 3% decline in same-store sales.
Operating profit for the quarter was $371 million, up 15% from the previous year, attributed to increased revenues, operational efficiency improvements, and favorable commodity prices.
The company reported a net income of $297 million for the quarter, an increase of 22% from the same period in the prior year. Diluted earnings per share rose to $0.77, a 33% increase year-over-year.
Yum China's KFC (YUMC-1.21%) segment saw a 6% increase in total revenues to $2,311 million, driven by net unit growth, while Pizza Hut's total revenues rose 2% to $615 million, despite a 6% decline in same-store sales.
Cash flows from operating activities were $1,252 million for the year to date, down from $1,334 million in the prior year, primarily due to changes in working capital.
The company repurchased 27.3 million shares for $1,055 million during the year to date, and declared a quarterly cash dividend of $0.16 per share, payable on December 17, 2024.
Yum China anticipates capital expenditures for the full year 2024 to be between $700 million and $850 million, focusing on store expansion, remodeling, and digitalization investments.
The company continues to monitor regulatory developments in China, including tax policy changes and foreign currency exchange rate fluctuations, which may impact future financial results.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Yum China Holdings Inc. quarterly 10-Q report dated November 8, 2024. To report an error, please email earnings@qz.com.