Fast-food restaurant operator Yum China saw higher net income and revenue amid the opening of new stores last year.

The company’s full-year net income surged 87 per cent to $827 million while revenue increased 15 per cent to $10.98 billion.

Yum China operates over 14,000 restaurants under six brands namely KFC, Pizza Hut, Taco Bell, Lavazza, Little Sheep, and Huang Ji Huang. The company’s store count expanded 13 per cent over the past year, equivalent to a net 1697 new stores.

The company noted its system sales rose 21 per cent, primarily attributed to 9 per cent net new unit contribution, 7 per cent same-store sales growth, and lapping temporary closures from the pandemic in the previous year.

“Last year was a pivotal year for Yum China. Not only did we demonstrate strong resilience during
the pandemic, but we also seized opportunities that arose from China’s reopening,” said Yum China CEO Joey Wat.

Meanwhile, the company targets to open about 1500 to 1700 new stores this year and to reach 20,000 stores by 2026.

“Looking ahead, we remain very positive about the vast growth opportunities in China. Currently serving just one-third of China’s population, our ambitious goal is to extend our reach to half of the population by 2026,” said Wat.

“We are also expanding our addressable market and capturing incremental sales across city tiers with innovative products, engaging campaigns and a wider range of price points.”