Pizza hut cant hold on? 300 stores closed forever! 900 stores for sale

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 Pizza hut cant hold on? 300 stores closed forever! 900 stores for sale


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American giant bankrupt! Pizza Hut plans to close 300 stores permanently, and more than 900 stores will be sold (source: ~)

The operator went bankrupt and 300 stores closed

NPC international, founded in 1962, is one of the largest restaurant operators in the United States, according to cctv.com. At the same time, the company is also the two largest franchisees of Wendys and pizza hut, with more than 380 Wendys restaurants in eight states and more than 1200 Pizza Hut stores in 27 states with more than 36000 employees. As early as July this year, NPC international applied for bankruptcy protection. After closing more than 300 Pizza Hut stores, NPC international plans to sell the remaining 927 Pizza Hut stores. There is no specific list and time of closing the store.

Photo source: visual China

Compared with most restaurants, pizza hut is one of the few companies with same store sales growth in April and may, thanks to higher Internet and takeaway sales. NPC international also pointed out that under the new crown epidemic situation, the entire pizza industry has witnessed explosive growth, which has unexpectedly eased the situation. However, the cost of epidemic prevention in stores is high, which costs the company $750000 a month.

It is expected that the closure of the Pizza Hut stores, which are expected to underperform other chain stores, will be dominated by in store dining, CNN reported.

Novel coronavirus is gradually fading away from the restaurants image and looking for more attention to its delivery and takeaway service. This years new coronavirus epidemic has accelerated this change. Data show that Pizza Hut achieved the highest average weekly sales of takeaway and pick-up in the past eight years in May.

Prior to this, yums chief executive David Gibbs has publicly said that Pizza Huts takeaway business has always been a high profit business.. He added that since the outbreak, online sales have been an important factor in improving turnover, with Pizza Huts takeaway business generating a 21% increase in same store sales in the second quarter of this year.

Nevertheless, some analysts point out that although the sales volume of pizza hut has increased greatly due to online and takeaway, this still cant reverse the decline of Pizza Huts sales in the United States in recent years. In the second quarter of this year, yums net profit fell 29% year-on-year, while global same store sales, which David Gibbs is proud of, also fell 15%.

Will Yum group rely on China to make a comeback?

The parent company of pizza hut, Baisheng catering group, is the largest catering group in the global restaurant network. It was established in the United States on October 7, 1997. It includes KFC, pizza hut, Taco Bell and so on, ranking first in the world in the fields of chicken cooking, pizza, Mexican flavor food and so on.

In spite of the severe decline in business performance under the epidemic situation, yum China remained profitable and expanded 169 stores against the trend.

Data show that in the second quarter of this year, yums total revenue in China was $1.9 billion, a year-on-year decrease of 11%. Among them, KFCs sales fell by 6%, and that of pizza hut fell by 12%. During the reporting period, the companys operating profit decreased from US $204 million to US $128 million, a year-on-year decrease of 38%; and a net profit of US $132 million, compared with us $178 million in the same period of last year, a year-on-year decrease of 26%.

In the first half of this year, yums total revenue in China was 25.883 billion yuan, a year-on-year decrease of 17.43%; net profit was 1.373 billion yuan, a year-on-year decrease of more than 51.5%.

Under the epidemic situation, KFC and Pizza Huts takeout and takeaway business contributed significantly to the companys performance. According to the financial report, takeaway and takeaway business accounted for more than 50% of the companys sales in the second quarter. In addition, the sales of members have also achieved double-digit growth, accounting for more than 60% of the total sales; digital orders account for about 80% of the companys overall sales.

Under the influence of the epidemic, yum! Brands China did not stop expanding. In the first quarter, it opened 169 new stores, including 142 new KFC stores. KFC operates 6749 restaurants in more than 1400 cities in China. There are 2 new stores for pizza hut, and the total number of its stores in more than 500 cities has reached 2258. As of June 30, 2020, the total number of restaurants operated by Yum! Brands in China exceeded 9900.

In response to the decline in operating results, yum China said the quarterly and annual decline in sales so far was due to lower same store sales and temporary store closures due to the impact of the covid-19 pandemic, but this growth was partially offset by net growth.

Since March, yums share price has risen by 27.36%, and its latest total market value is $20.975 billion.

The Great Depression of American catering industry

The new crown epidemic has brought a disastrous impact on the U.S. catering industry, and many restaurants have been forced to suspend business permanently. The government introduced the outdoor dining policy, trying to rescue the desperate American catering industry, but failed to win the favor of restaurants and diners. In the long-term home isolation environment, takeout has undoubtedly become a new habit of daily life, but it can not save the long-term prospects of the whole catering industry.

As many as 231000 restaurants in the United States will be closed this year out of a total of 660000 restaurants in the United States, according to the forecast of Allen Allen consulting, according to Radio France Internationale. This will bring the steady growth trend of the number of American restaurants to a halt, breaking the historical record of continuous increase in the past 20 years.

The national food and Beverage Association (NRA) released a report in July, which showed that 75% of restaurants are not expected to make profits in the next six months, while the catering industry may lose as much as $240 billion by the end of 2020. Sean Kennedy, NRAs executive vice president of public affairs, said the catering industry was the first industry in the United States to go out of business and perhaps the last to recover from the epidemic.

Since March, 53% of U.S. restaurants have changed their status to permanently closed on their platforms, according to the food review website yelp. Another statistic shows that up to now, 17% of the closed businesses in the United States belong to the catering industry, accounting for the highest proportion.

Photo source: visual China

According to a survey by the NDP group, which studies consumption trends, nearly a third of American adults now say they prefer to cook at home even if they are allowed to go out. This means that under the epidemic situation, most consumers willingness to spend has changed, which is not good news for the catering industry. Since July 15, the number of diners in restaurants across the United States has fallen 64% year-on-year, according to a survey.

At the same time, as one of the cornerstones of the U.S. economy, the catering industry is an important source of employment and income for the American people. Before the epidemic, about 1.4 million people were engaged in the catering industry in the United States. However, in the past four months, about 1 million people have been suspended or dismissed.

What makes restaurant operators headache is that in order to prevent and control the epidemic situation, the government has begun to advocate outdoor dining and take out service. Although this provides a new way for restaurants in the epidemic situation to return to work, it also adds costs to the operation of restaurants. For example, restaurants providing outdoor dining services must buy Gloves, masks, disposable menus, disposable tableware, etc. It should be noted that outdoor dining is just a helpless move under the epidemic situation, not all consumers can accept it, and not all dishes are suitable for this form. Based on this, many restaurants in the United States are still closed.

Some analysts pointed out that with the gradual loss of control of the U.S. epidemic, the restart of the U.S. catering industry will continue to be delayed, and the economic losses of the industry may be further expanded.

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American Pizza Hut stores will close 300 and sell 900: why Chinese stores are not affected? (source: original)

Earlier, CNN reported that NPC international filed for bankruptcy protection in July and announced on Monday that it had reached an agreement with Yum! Brands, the owner of pizza hut, to close about a quarter of its restaurants and sell the remaining branches. The exact restaurant and time have not been determined.

In an interview with the media today, yum China said that despite the challenges brought by the new crown epidemic, the company is optimistic about its long-term development in China, and its goal of opening 800-850 new stores by 2020 will remain unchanged. As for the closure of U.S. stores, the relevant person in charge of pizza hut China said that China would not be affected.

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