Friday 02 December 2022

Luckin Coffee announces 3Q revenues of $547.5M (+66%), 651 net new store openings

Average monthly transacting customers in the third quarter were 25.1 million, representing an increase of 70.5% from 14.7 million in the same quarter of 2021. Revenues from self-operated stores in the third quarter were RMB2,761.4 million (US$388.2 million), representing an increase of 53.9% from RMB1,794.7 million in the same quarter of 2021

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BEIJING, China – Luckin Coffee Inc. today announced its unaudited financial results for the three months ended September 30, 2022. Total net revenues in the third quarter were RMB3,894.6 million (US$547.5 million), representing an increase of 65.7% from RMB2,350.2 million in the same quarter of 2021.

Net new store openings in the third quarter was 651, resulting in a quarter-over-quarter store unit growth of 9.0% from the number of stores at the end of the second quarter of 2022, ending the third quarter with 7,846 stores which include 5,373 self-operated stores and 2,473 partnership stores.

Average monthly transacting customers in the third quarter were 25.1 million, representing an increase of 70.5% from 14.7 million in the same quarter of 2021.

Revenues from self-operated stores in the third quarter were RMB2,761.4 million (US$388.2 million), representing an increase of 53.9% from RMB1,794.7 million in the same quarter of 2021.

Same-store sales growth for self-operated stores in the third quarter was 19.4%, compared to 75.8% in the same quarter of 2021.

Store level operating profit – self-operated stores in the third quarter was RMB806.7 million (US$113.4 million) with store level operating profit margin of 29.2%, compared to RMB452.1 million with store level operating profit margin of 25.2% in the same quarter of 2021.

Revenues from partnership stores in the third quarter were RMB899.1 million (US$126.4 million), representing an increase of 116.1% from RMB416.1 million in the same quarter of 2021.

GAAP operating income in the third quarter was RMB585.3 million (US$82.3 million), representing a GAAP operating income margin of 15.0%, compared to a GAAP operating loss of RMB6.7 million in the same quarter of 2021.

Non-GAAP operating income in the third quarter, which adjusts for share-based compensation expenses, was RMB693.8 million (US$97.5 million), representing a non-GAAP operating income margin of 17.8%, compared to RMB71.4 million, or a non-GAAP operating income margin of 3.0%, in the same quarter of 2021, which represents a significant improvement of operating results.

Luckin Coffee: Key Operating Data For the three months ended or as of Sep 30, 2022

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