Yum China targets 20,000 stores by 2026, $3B shareholder return, double-digit EPS CAGR

Yum China Holdings, Inc.

KFC to accelerate net new store openings to >1,200 annually (15-20% franchise); Pizza Hut to 400-500 net new stores yearly.
Targets double-digit EPS CAGR and $3B shareholder return (dividends + buybacks) from 2024 to 2026.
2023 net new store target raised to 1,400-1,600 (from 1,100-1,300); same-store sales ~90% of 2019 level.
Lavazza joint venture aims for 1,000 stores in 3-5 years; capex $3.5-5B over three years.

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