Yum China reports Q2 SSS up 15%

Same-store sales increased 15% year over year, with increases of 15% at KFC and 13% at Pizza Hut, excluding F/X. Opened 422 net new stores during the quarter; total store count reached 13,602, as of June 30, 2023. Total system sales increased 32% year over year, with increases of 32% at KFC and 30% at Pizza Hut, excluding F/X. Growth was mainly attributable to same-store sales, new unit contribution and lapping of temporary store closures in the prior year. Restaurant margin was 16.1%, compared with 12.1% in the prior year period. Effective tax rate was 24.7%