글로벌 매장 100개 늘린 교촌… 현실은 40억 적자 ‘미국 잔혹사’

Kyochon Fried Chicken announced an ambitious plan to double global store count by 2028, yet its overseas subsidiaries are hemorrhaging cash—with the US operation shrinking from 4 to 1 store while posting 4 billion won in losses and China turning profitable in 2024 into a 900 million won loss in 2025. This stark disconnect reveals the harsh reality of franchise model internationalization: aggressive growth narratives mask deteriorating fundamentals where investment losses exceed capital deployment by 2.5x. Investors should scrutinize dividend commitments and profit targets when core growth initiatives are burning capital faster than domestic cash flows can sustain.