Yum China's Menu and Promotional Strategies Positioned to Weather Uneven China Consumer Environment
In our view, wide-moat Yum China's first quarter was highlighted by KFC's successful Chinese New Year product innovation, regionalized product strategies, and focus on value (driving strong comps of 5%, on top of 5% a year ago), Pizza Hut showing further signs of its turnaround (with 1% comps largely driven by 8% increase in transactions and restaurant margins improving 380 basis points to 14.3%), and plans to accelerate its 2019 unit growth plans above its previous target of 600-650 locations. ...Yum China Holdings is a holding company. Through its subsidiaries, the company is a restaurant company in the People's Republic of China (China). The company's restaurant base consists of restaurant concepts, including KFC, Pizza Hut brands, as well as brands such as East Dawning, Little Sheep, Taco Bell and COFFii & JOY. The company has the right to operate and sublicense the KFC, Pizza Hut and Taco Bell brands in China (excluding Hong Kong, Taiwan and Macau), and own the intellectual property of the East Dawning, Little Sheep and COFFii & JOY concepts outright. Most restaurants in the KFC, Pizza Hut, East Dawning, Taco Bell and COFFii & JOY concepts provide delivery service.
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