KFC Owner Says Stores in China Have Begun Reopening
March 23 2020 - 5:46AM
Dow Jones News
By Dave Sebastian
Yum China Holdings Inc., which operates KFC, Pizza Hut and Taco
Bell in China, said about 95% of its stores have either partially
or fully reopened as reported cases of the novel coronavirus in the
country slow down.
The company, a licensee of Yum! Brands Inc., on Monday said 10%
to 20% of open stores only offer delivery and takeaway service,
while others operate in reduced hours. Traffic at open stores
remains still below pre-outbreak levels but is recovering slowly,
the company said.
Store closures peaked last month with about 35% of restaurants
closed, the company said.
Same-store sales in recent days were down about 20%, Yum China
said. The company has said same-stores sales fell 40% to 50% during
the Lunar New Year holiday period.
Write to Dave Sebastian at dave.sebastian@wsj.com
(END) Dow Jones Newswires
March 23, 2020 06:31 ET (10:31 GMT)
Copyright (c) 2020 Dow Jones & Company, Inc.
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