The world's leading food and beverage group Yum! Brands Inc. published its financial report for the first quarter of financial year 2014, stating that its operating revenue was USD2.72 billion, a year-on-year increase of 7.5%.
The company's net profit increased from USD337 million in the same period of last year to USD399 million, attributable to the 9% individual store sales increase in China.
During the first financial quarter ended March 22, 2014, Yum achieved earnings of 89 cents per share, representing better results than the same period of last year. During the first quarter of the financial year 2013, Yum's net profit was USD337 million and its earnings per share were 74 cents.
The report also revealed that during the reporting period, Yum's KFC brand reached 11% individual store sales increase in the Chinese market; and its Pizza Hut brand reached 8% individual store sales increase. During the same period of last year, Yum Group's individual store sales in China declined by 20%; its KFC brand decreased by 24%; and its Pizza Hut brand decreased by 2%.
Over half of Yum's operating revenue was reportedly contributed by the Chinese market. At present, the group has over 6,300 chain restaurants in China and most of them are KFC restaurants.