Yum China Holdings, Inc. reported strong financial performance for the third quarter and year-to-date periods ending September 30, 2024, with notable increases in revenue, profitability, and strategic initiatives.

For Q3 2024, total revenues reached $3,071 million, a 5% increase from $2,914 million in Q3 2023. Year-to-date revenues also rose to $8,708 million, up 3% from $8,485 million in the same period last year. Company sales for Q3 2024 were $2,895 million, compared to $2,759 million in Q3 2023, reflecting a 5% growth. Year-to-date sales increased by 2%, totaling $8,217 million, compared to $8,048 million in 2023.

Operating profit for Q3 2024 was $371 million, a 15% increase from $323 million in Q3 2023. Year-to-date operating profit was $1,011 million, slightly up from $996 million in the previous year. Net income for Q3 2024 was $297 million, a 22% increase from $244 million in Q3 2023, while year-to-date net income rose to $796 million, compared to $730 million in 2023. Diluted earnings per share for Q3 2024 were $0.77, up 33% from $0.58 in Q3 2023, and year-to-date diluted earnings per share increased to $2.03 from $1.73.

The revenue growth was primarily driven by a 7% net new unit contribution in Q3 and an 8% contribution year-to-date, although same-store sales experienced a decline. The increase in operating profit was attributed to total revenue growth, operational efficiencies, favorable commodity prices, and reduced advertising expenses.

Yum China continued to focus on shareholder returns, repurchasing 27.3 million shares for $1,055 million year-to-date, compared to 4.9 million shares for $281 million in the same period last year. The Board of Directors increased the share repurchase authorization to $4.4 billion, with approximately $1.4 billion remaining for future repurchases. A cash dividend of $0.16 per share was declared on November 4, 2024, totaling approximately $61 million.

As of September 30, 2024, Yum China operated 15,861 restaurants across approximately 2,200 cities in China, with KFC and Pizza Hut being the primary brands. The company reported total assets of $11,801 million, a decrease from $12,031 million at the end of 2023, while total liabilities increased to $5,073 million from $4,912 million.

Overall, Yum China's strategic focus on expanding its restaurant footprint and enhancing operational efficiencies has contributed to its robust financial performance in 2024.