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Yum China says CFO to step down; KFC, Pizza Hut present earnings enhance By Reuters

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(Reuters) -Yum China mentioned on Monday finance chief Andy Yeung was stepping down after practically 5 years within the position and that its quarterly earnings have been boosted by robust efficiency at its KFC and Pizza Hut franchises.

Chief Funding Officer Adrian Ding will change Yeung, who cited private causes for his resignation, as CFO on an interim foundation, it mentioned.

Ding is normal supervisor of the corporate’s Lavazza three way partnership, which goals to open 1,000 cafes in China by 2025.

Yum China’s second-quarter internet earnings rose 8% to $212 million from a yr earlier.

“By reducing the complexity of menus and operations, and harnessing the power of automation and AI, we improved operational efficiency,” CEO Joey Watt mentioned.

The corporate opened extra KFC shops through the interval and recorded a 2% rise in whole income from these operations.

KFC gained market share on supply platforms, amid an financial downturn within the mainland, by increasing price vary and decreasing supply charges, Watt mentioned.

“Pizza Hut attracted value-conscious customers with its entry-price pizzas and solo diners with its Pizza Dough Burger,” he added.

U.S.-listed shares of the quick meals chain have been up about 1% at $29.8, after the bell.

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