Saturday 13 April 2024
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Luckin Coffee 2Q net revenues skyrocket to US$855 million (+88%)

Second quarter net revenues increased 88.0%. The company reported improved profitability with record high gaap operating income margin of 18.9%. More than 1,400 net new store openings; ended quarter with more than 10,000 stores

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DESCAMEX COFFELOVERS 2024
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BEIJING, China – Luckin Coffee Inc. yesterday announced its unaudited financial results for the three months ended June 30, 2023. Total net revenues in the second quarter were RMB6,201.4 million (US$855.2 million), representing an increase of 88.0% from RMB3,298.7 million in the same quarter of 2022.

Net new store openings during the second quarter was 1,485, including five new store openings in Singapore, resulting in a quarter-over-quarter store unit growth of 15.9% from the number of stores at the end of the first quarter of 2023, ending the second quarter with 10,836 stores which include 7,188 self-operated stores and 3,648 partnership stores.

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Average monthly transacting customers in the second quarter was 43.1 million, representing an increase of 107.9% from 20.7 million in the same quarter of 2022.

Revenues from self-operated stores in the second quarter were RMB4,495.3 million (US$619.9 million), representing an increase of 85.2% from RMB2,427.0 million in the same quarter of 2022.

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Same-store sales growth for self-operated Luckin Coffee stores in the second quarter was 20.8%, compared to 41.2% in the same quarter of 2022.

Store level operating profit – self-operated stores in the second quarter was RMB1,307.5 million (US$180.3 million) with store level operating profit margin of 29.1%, compared to RMB689.8 million with store level operating profit margin of 28.4% in the same quarter of 2022.

Revenues from partnership stores in the second quarter were RMB1,485.8 million (US$204.9 million), representing an increase of 91.1% from RMB777.5 million in the same quarter of 2022.

GAAP operating income in the second quarter was RMB1,172.8 million (US$161.7 million), representing a GAAP operating income margin of 18.9%, compared to RMB241.6 million, or a GAAP operating income margin of 7.3%, in the same quarter of 2022.

Non-GAAP operating income in the second quarter, which adjusts for share-based compensation expenses, was RMB1,236.3 million (US$170.5 million), representing a non-GAAP operating income margin of 19.9%, compared to RMB342.6 million, or a non-GAAP operating income margin of 10.4%, in the same quarter of 2022, which illustrates a significant improvement of operating results.

“We are incredibly proud to report another record-breaking quarter with strong sales growth and increased profitability,” said Dr. Jinyi Guo, Chairman and Chief Executive Officer of Luckin Coffee, “Our new, innovative product offerings and marketing efforts continue to resonate with customers, driving significant growth in product revenue and monthly transacting customers. In June 2023, we reported a record 50 million transacting customers and opened our 10,000th store, making us the first coffee chain in China with 10,000 stores and cementing our position as China’s largest coffee chain brand.”

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