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Yum! Brands (NYSE:YUM) will open at least 150 new Pizza Hut restaurants this year in China as part of an overseas expansion plans, according to a China Daily report.
Yum! Brands plans to invest more than 700 million yuan ($111.2 million) in opening a minimum of 150 stores in third- or fourth-tier Chinese cities this year, according to Peter Kao, brand general manager of Pizza Hut and Pizza Hut Delivery of Yum! China, the report said.
The Louisville-based Yum! Brands opened its first store — a KFC restaurant — in China in 1987. The company now has more than 4,400 restaurants throughout China, including KFCs, Pizza Huts, Taco Bells, East Dawnings, and Little Sheep.
Yum! Brands said the 30 percent year-over-year increase it saw in the fourth-quarter revenue was due to global growth and rising sales in its China stores. The company’s net income rose to $356 million, or 75 cents a share, from $274 million, or 56 cents, a year earlier..
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