- Yum China Holdings Inc YUMC said its first-quarter fiscal 2022 operations are significantly impacted by the highly transmissible Omicron variant causing outbreaks across China, including economically important regions of Guangdong, Shanghai, Shandong, and Jilin.
- The company noted quarter-to-date case counts for 2022 have surpassed that of the full year 2021.
- Yum China's same-store sales decreased about 4% for the two months combined in January and February and declined 20% for the first two weeks of March, with a further decline in recent days.
- The operating profit declined 20% Y/Y for the two months combined due to sales deleveraging and cost inflation. The company sees a Q1 operating profit of $165 million - $200 million.
- Price Action: YUMC shares are trading lower by 3.79% at $36.05 on the last check Monday.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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