Yum China Profit Slumps 90% in Fourth Quarter on Covid Disruptions

What’s new: Yum China, the country’s largest restaurant operator, reported a profit plunge of nearly 90% in the fourth quarter of 2022 as widespread Covid outbreaks hurt business.

The operator of KFC and Pizza Hut in China recorded a 9% year-on-year drop in fourth quarter revenue to $2.09 billion. Net profit during the period slumped 89% to $53 million, the company reported Wednesday.