百胜餐饮:中国人仍然爱着肯德基

Yum Brands Inc. executives vigorously defended their business in China at an investor conference on Thursday after the stock fell last week on news that the company’s same-store sales there would drop 4% in the fourth quarter, after rising 21% in the year-earlier period.

百胜餐饮集团(Yum Brands Inc.)的高管们在周四举行的投资者会议上为其在华业务进行了积极辩护。百胜餐饮上周公布，第四季度其在华同店销售额将下滑4%。消息一出，该公司股票应声下跌。去年同期百胜餐饮的同店销售额大增了21%。

The company, which owns KFC, Pizza Hut and Taco Bell, blamed the decline, in part, on the softening Chinese economy. GDP growth has slowed in China in recent years, from 10.4% in 2010 to 7.5% this year.

Reuters拥有肯德基(KFC)、必胜客(Pizza Hut)和塔可钟(Taco Bell)的百胜餐饮认为，中国经济趋弱是该公司同店销售额增速下滑的原因之一。中国国内生产总值(GDP)的增长近年来有所放缓，已从2010年的10.4%降至今年的7.5%。

“But we’ve never whined about the macros,” Yum Chief Executive David Novak told investors. “We think it can be more attributed to our over-estimation of our ability to lap a 21% same-store sales increase in the last year.”

百胜餐饮首席执行长诺瓦克(David Novak)对投资者说，但我们从未抱怨过宏观经济。他说，我们认为更多的原因在于我们高估了自己的能力，以为能够超越去年同店销售额增21%的成绩。

The last time the company posted negative same-store sales in China was in 2009. Since then, Mr. Novak said, the average annual sales at its restaurants in China went from about $1.3 million to $1.8 million and 2,000 new restaurants have been opened.

百胜餐饮上一次公布在华同店销售额负增长的情况是在2009年。此后诺瓦克曾说，该公司旗下在华餐厅的年均销售额从约130万美元增至180万美元，并且新开了2,000家餐厅。

The company is now estimating mid-single-digit same-store sales growth for China in 2013 and plans to open another 700 restaurants there next year.

百胜餐饮目前估计，2013年其在华同店销售额将以中段个位数增长，并且计划明年再开700家餐厅。

Yum China executives said that high rent and labor costs in populous cities such as Shanghai have eaten into profits, so they will be focusing more of their growth on so-called “lower-tier” cities across the Mainland.

百胜餐饮的高管说，在上海等人口稠密的城市，昂贵的租金和劳动力成本侵蚀了利润空间，所以他们会更加看重内地二三线城市的业务增长。

The company said it is boosting its round-the-clock offerings at KFC, it’s biggest chain in China, with expanded breakfast, lunch, dinner, late-night and delivery options and more “value” offerings. At its Pizza Hut restaurants, the company is providing free afternoon drink refills, which they say competes head-on with Starbucks SBUX +5.73%. They’re also expanding the Pizza Hut menu beyond pizza to include broader offerings of both Western and Chinese food. For example, Pizza Huts in China will offer a new sizzling steak and are testing breakfast items.

百胜餐饮说，正在大力宣传肯德基24小时不打烊服务，包括更为丰富的早午晚餐、深夜配餐和送餐选择以及超值套餐。肯德基是百胜餐饮旗下规模最大的连锁餐厅。另外，该公司旗下的必胜客目前提供下午茶饮品免费续杯活动，说以此与星巴克(Starbucks)展开正面交锋。而且必胜客还在增加菜单品种，除披萨外，还有更多中西餐。例如，中国内地的必胜客餐厅将推出新品铁板牛排，而且在试推早餐。

“I believe in our China business model as much today as ever,” Mr. Novak said.

诺瓦克说，我对公司在华业务模式一如既往地有信心。