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Yum China Holdings, Inc. (NYSE:YUMC) shares are rising over 14% in the premarket session on Wednesday.
Yesterday, the company reported solid fourth-quarter results and announced $1.25 billion in stock buy-back.
The fourth quarter results have indeed been a strong trigger for the share price upswing for the largest restaurant chain in China, as the company lost 38% in the last one year.
The board also declared a 23% increase in cash dividend to $0.16 per share on Yum China’s common stock, payable on March 26, 2024.
Restaurant margin expanded to 10.7%. Fourth quarter system sales rose 21% while operating profit jumped 170%, and core operating profit grew a whopping 324%.
In 2024, Yum China said it plans to open approximately 1,500 to 1,700 net new stores to reach a total store count of 20,000 by 2026.
The company also plans to return a minimum of $3 billion to shareholders through quarterly dividends and share repurchases.
In December 2023, the company celebrated the opening of KFC China’s 10,000th store, marking a significant milestone in KFC China’s 36-year growth journey in the country.
On January 4, 2024, JP Morgan analyst downgraded Yum China to Neutral from Overweight, slashing its forecast to $38 from $65.
Price Action: YUMC shares are trading higher by 14.29% to $42.79 premarket on the last check Wednesday.
Photo via Company
Posted In: YUMC
