SHANGHAI, June 16,
2023 /PRNewswire/ -- Yum China Holdings, Inc.
(NYSE: YUMC and HKEX: 9987, "Yum
China" or the "Company") today celebrated the opening of
Pizza Hut's 3,000th store in China, located in Qinhuangdao, a coastal city
in Hebei province. It marks a
significant milestone in Pizza Hut's 33-year growth journey in
China.
The new restaurant enjoys a sweeping view of the sea. Not only
does it provide a contemporary dining experience, but also
showcases advanced sustainability solutions, including an IoT-based
intelligent energy management system and outdoor solar lamps. The
restaurant also incorporates renewable and recycled materials in
its decoration and layout, aiming to inspire consumers to embrace
low-carbon and sustainable living.
"The opening of Pizza Hut 3,000th store is more than
a landmark moment for store expansion. It demonstrates Pizza Hut's
strength as a "pizza expert" and reaffirms our commitment to
growing the brand in China. This
milestone also underscores our focus on continuous innovation, from
menu innovation and digitalization, to a range of new store
formats," said Joey Wat, CEO of
Yum China. "We believe the brand
holds tremendous growth potential in China, and we are committed to actively
pursuing expansion opportunities to further grow the brand."
Since opening its first location in Beijing in 1990, Pizza Hut has grown into the
largest casual dining restaurant brand in China, both in terms of system sales and
number of restaurants.
"Pizza Hut is extremely proud of its heritage as the first
restaurant chain to introduce pizza and Western-style casual dining
to China," said Jeff Kuai, General
Manager of Pizza Hut China. "From our first store in Beijing to now 3,000 stores nationwide, we
have always grown together with our customers. We'll continue to
expand our store portfolio, while staying true to our commitment to
innovating great food and experiences for our customers."
Pizza Hut China offers an extensive range of pizzas, steaks,
pasta, rice dishes and other delectable entrees, along with
appetizers, beverages, and desserts. Through relentless food
innovation, Pizza Hut has strengthened its leadership in the pizza
category while also establishing itself as one of the leading
steakhouses in China. Pizza Hut
launched its new 2023 menu in May and introduced 24 brand new
items, covering 9 categories, such as Neapolitan-style meatball
pizza and Cheese and pineapple roll. Pizza Hut is dedicated to
fueling growth across different dayparts and through diverse
channels, encompassing dine-in, delivery, takeaway as well as
offering packaged foods such as read-to-cook steak and pasta.
Pizza Hut China has also transformed its digital capabilities
over the past few years. This includes notable achievements in
establishing a robust digital ecosystem, expanding its membership
base, and enhancing the overall customer experience. As of the end
of March 2023, Pizza Hut had more
than 135 million members in China,
nearly doubling the count at the end of 2019. During the first
quarter of 2023, digital orders accounted for approximately 91% of
company sales, representing a substantial increase from 31% in
2019.
On the restaurant front, Pizza Hut China also leverages its
digital capabilities to drive sales and operational excellence.
Pizza Hut rolled out i-Kitchen, the Back of House operation
management system, at all Pizza Hut stores across China. The system
uses AI, IoT and machine learning algorithms to help restaurant
managers effectively manage inventory levels and automate the order
sequence and production process. The system also helps to perform
food safety and quality assurance checks, reinforcing Pizza Hut's
firm commitment to deliver high standards to customers.
Over the past 33 years, Pizza Hut China has built on its rich
brand heritage, while constantly innovating and adapting to
evolving customer demands. Moving ahead, strong branding, great
food, and customer experience, will continue to be the three key
catalysts for Pizza Hut China's long-term growth.
Forward-Looking Statements
This press release contains "forward-looking statements" within
the meaning of Section 27A of the Securities Act of 1933 and
Section 21E of the Securities Exchange Act of 1934, including under
"2023 Outlook." We intend all forward-looking statements to be
covered by the safe harbor provisions of the Private Securities
Litigation Reform Act of 1995. Forward-looking statements generally
can be identified by the fact that they do not relate strictly to
historical or current facts and by the use of forward-looking words
such as "expect," "expectation," "believe," "anticipate," "may,"
"could," "intend," "belief," "plan," "estimate," "target,"
"predict," "project," "likely," "will," "continue," "should,"
"forecast," "outlook," "commit" or similar terminology. These
statements are based on current estimates and assumptions made by
us in light of our experience and perception of historical trends,
current conditions and expected future developments, as well as
other factors that we believe are appropriate and reasonable under
the circumstances, but there can be no assurance that such
estimates and assumptions will prove to be correct. Forward-looking
statements include, without limitation, statements regarding the
future strategies, growth, business plans, investment, dividend and
share repurchase plans, earnings, performance and returns of
Yum China, anticipated effects of
population and macroeconomic trends, the expected impact of the
COVID-19 pandemic, pace of recovery of Yum
China's business, the anticipated effects of our innovation,
digital and delivery capabilities and investments on growth and
beliefs regarding the long-term drivers of Yum China's business. Forward-looking statements
are not guarantees of performance and are inherently subject to
known and unknown risks and uncertainties that are difficult to
predict and could cause our actual results or events to differ
materially from those indicated by those statements. We cannot
assure you that any of our expectations, estimates or assumptions
will be achieved. The forward-looking statements included in this
press release are only made as of the date of this press release,
and we disclaim any obligation to publicly update any
forward-looking statement to reflect subsequent events or
circumstances, except as required by law. Numerous factors could
cause our actual results or events to differ materially from those
expressed or implied by forward-looking statements, including,
without limitation: whether we are able to achieve development
goals at the times and in the amounts currently anticipated, if at
all, the success of our marketing campaigns and product innovation,
our ability to maintain food safety and quality control systems,
changes in public health conditions, including the COVID-19
pandemic, our ability to control costs and expenses, including tax
costs, as well as changes in political, economic and regulatory
conditions in China. In addition,
other risks and uncertainties not presently known to us or that we
currently believe to be immaterial could affect the accuracy of any
such forward-looking statements. All forward-looking statements
should be evaluated with the understanding of their inherent
uncertainty. You should consult our filings with the Securities and
Exchange Commission (including the information set forth under the
captions "Risk Factors" and "Management's Discussion and Analysis
of Financial Condition and Results of Operations" in our Annual
Report on Form 10-K and subsequent Quarterly Reports on Form 10-Q)
for additional detail about factors that could affect our financial
and other results.
About Yum China Holdings, Inc.
Yum China is the largest
restaurant company in China with a
mission to make every life taste beautiful. The Company has over
400,000 employees and operates over 13,000 restaurants under six
brands across 1,800 cities in China. KFC and Pizza Hut are the leading
brands in the quick-service and casual dining restaurant spaces in
China, respectively. Taco Bell
offers innovative Mexican-inspired food. Yum China has also partnered with Lavazza to
develop the Lavazza coffee concept in China. Little Sheep and Huang Ji Huang specialize in Chinese cuisine.
Yum China has a world-class,
digitalized supply chain which includes an extensive network of
logistics centers nationwide and an in-house supply chain
management system. Its strong digital capabilities and loyalty
program enable the Company to reach customers faster and serve them
better. Yum China is a Fortune 500
company with the vision to be the world's most innovative pioneer
in the restaurant industry. For more information, please visit
http://ir.yumchina.com.
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SOURCE Yum China Holdings Inc.