It gets more than 40 percent of its revenue from China.
By contrast, same-store sales during the quarter increased by 1 percent in the US, driven by growth at the Pizza Hut chain, Yum! said.
In addition to the store opening, Yum! announced that its plan for privatizing Little Sheep Group took effect on Feb 1, making the hotpot chain a subsidiary of Yum! That change has given the company a much bigger presence in the Chinese market. The acquisition is expected to cost Yum! about HK $4.557 billion ($586.5 million).
"China's catering industry is on a fast development track and has achieved annual growth of about 20 percent during the past 30 years," said Jing Linbo, vice-president of the Chinese Academy of Social Sciences' national academy of economic strategy.
"In 2011, sales revenue from the Chinese catering industry was estimated to reach 2.05 trillion yuan, up 16.9 percent from the year before.
"By the end of 2015, the industry's sales revenue is expected to reach 3.7 trillion yuan. That will provide a huge market for foreign restaurant companies, including Yum!"
Questions:
1. What is Pizza Hut’s plan for China?
2. Who is its parent company?
3. Where is it based?
Answers:
1. It will open at least 150 more restaurants in China this year.
2.Yum! Brands Inc.
3.Louisville, Kentucky.
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