Yum China Holdings Inc. (YUMC), which operates KFC, Taco Bell and Pizza Hut in China, said its restaurant closures peaked in February at 35% of restaurants closed. Currently, 95% of restaurants in China are either fully or partially open, with approximately 10% to 20% of open stores providing only delivery and take-out services. The company said traffic is recovering "slowly" and remains well below pre-COVID-19-outbreak levels, with same-store sales down about 20% from a year ago in recent days. "We are seeing early signs of recovery, as business gradually resumed and people returned to work in China," the company said in a statement. "However, restaurant traffic is still heavily impacted as people continue to implement social distancing measures." The stock, which is indicated down nearly 3% in premarket trading, has lost 15.8% over the past three months through Friday, while the S&P 500 has dropped 28.5%.
-Tomi Kilgore; 415-439-6400; AskNewswires@dowjones.com
(END) Dow Jones Newswires
March 23, 2020 06:55 ET (10:55 GMT)
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