Yum China recorded a revenue of US$9.6 billion (65 billion yuan) last year, down 3 percent year on year. But its net profit shrank from US$990 million in 2021 to US$442 million last year.

The pandemic and lockdowns were to blame. But even if all restrictions are now lifted, Yum China remains cautious about the future. In its financial report, the company said the revenue of its shops – mainly KFC and Pizza Hut – recovered but was still lower than in the same period of 2019.?

Andy Yeung, CFO of Yum China, said while it was inspiring to see more people back in the shops, the real challenge is yet to come. Yeung said Yum China planned to open up to 1,300 new shops in China this year, only a few more than last year’s 1,159.