Saturday 13 April 2024
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Luckin Coffee reports 67% bump in net revenues for 2022 to US$1.9 billion and over 8,200 stores in China

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BEIJING, China – Luckin Coffee Inc. yesterday announced its unaudited financial results for the three months ended December 31, 2022 and fiscal year 2022. “We delivered another year of strong operational and financial performance despite being materially impacted by COVID-19 in the fourth quarter of 2022,” said Dr. Jinyi Guo, Chairman and Chief Executive Officer of Luckin Coffee.

“We had more than 2,100 net new store openings in 2022, bringing our total stores in China to more than 8,200 and demonstrating our ability to effectively navigate a dynamic and evolving business landscape and maintaining our leading position in the Chinese coffee market.

DVG De Vecchi

Our team has continued to deliver improvements across key operating and financial metrics, and we are pleased to have achieved substantial revenue growth in 2022 while further improving our profitability profile.”

Fourth Quarter 2022 Highlights

  • Total net revenues in the fourth quarter were RMB3,695.0 million (US$535.7 million), representing an increase of 51.9% from RMB2,432.7 million in the same quarter of 2021.
  • Net new store openings in the fourth quarter was 368, resulting in a quarter-over-quarter store unit growth of 4.7% from the number of stores at the end of the third quarter of 2022, ending the fourth quarter with 8,214 stores which include 5,652 self-operated stores and 2,562 partnership stores.
  • Average monthly transacting customers in the fourth quarter were 24.6 million, representing an increase of 51.3% from 16.2 million in the same quarter of 2021.
  • Revenues from self-operated stores in the fourth quarter were RMB2,607.3 million (US$378.0 million), representing an increase of 41.9% from RMB1,837.2 million in the same quarter of 2021.
  • Same-store sales growth for self-operated stores in the fourth quarter was 9.2%, compared to 43.6% in the same quarter of 2021.
  • Store level operating profitself-operated stores in the fourth quarter was RMB614.5 million (US$89.1 million) with store level operating profit margin of 23.6%, compared to RMB383.4 million with store level operating profit margin of 20.9% in the same quarter of 2021.
  • Revenues from partnership stores in the fourth quarter were RMB843.4 million (US$122.3 million), representing an increase of 87.9% from RMB448.8 million in the same quarter of 2021.
  • GAAP operating income in the fourth quarter was RMB313.2 million (US$45.4 million), representing a GAAP operating income margin of 8.5%, compared to a GAAP operating loss of RMB120.8 million, or a GAAP operating loss margin of 5.0%, in the same quarter of 2021. Non-GAAP operating income in the fourth quarter, which adjusts for share-based compensation expenses, was RMB425.6 million (US$61.7 million), representing a non-GAAP operating income margin of 11.5%, compared to a non-GAAP operating loss of RMB23.6 million, or a non-GAAP operating loss margin of 1.0%, in the same quarter of 2021, which represents a significant improvement of operating results.

Luckin Coffee: Fiscal Year 2022 Highlights

  • Total net revenues in fiscal year 2022 were RMB13,293.0 million (US$1,927.3 million), representing an increase of 66.9% from RMB7,965.3 million in fiscal 2021.
  • Net new store openings in fiscal year 2022 was 2,190, resulting in a year-over-year store unit growth of 36.4% from the number of stores at the end of fiscal year 2021, ending the period with 8,214 stores which include 5,652 self-operated stores and 2,562 partnership stores.
  • Average monthly transacting customers in fiscal year 2022 were 21.6 million, representing an increase of 66.2% from 13.0 million in fiscal year 2021.
  • Revenues from self-operated stores in fiscal year 2022 were RMB9,414.5 million (US$1,365.0 million), representing an increase of 52.0% from RMB6,192.7 million in fiscal year 2021.
  • Same-store sales growth for self-operated stores in fiscal year 2022 was 20.6%, compared to 69.3% in fiscal year 2021.
  • Store level operating profit – self-operated stores in fiscal year 2022 was RMB2,482.0 million (US$359.9 million) with store level operating profit margin of 26.4%, compared to RMB1,252.8 million with store level operating profit margin of 20.2% in fiscal year 2021.
  • Revenues from partnership stores in fiscal year 2022 were RMB3,069.3 million (US$445.0 million), representing an increase of 135.0% from RMB1,306.1 million in fiscal year 2021.
  • GAAP operating income in fiscal year 2022 was RMB1,156.2 million (US$167.6 million), representing a GAAP operating income margin of 8.7%, compared to a GAAP operating loss of RMB539.1 million, or a GAAP operating loss margin of 6.8%, in fiscal year 2021. Non-GAAP operating income in fiscal year 2022, which adjusts for share-based compensation expenses, was RMB1,554.2 million (US$225.3 million), representing a non-GAAP operating income margin of 11.7%, compared to a non-GAAP operating loss of RMB236.3 million, or a non-GAAP operating loss margin of 3.0%, in fiscal year 2021, which represents a significant improvement of operating results.

Dr. Guo continued, “Under our long-term goal of supply chain integration, we were pleased to break ground on our second roastery in Kun Shan in December 2022, which will supply us with roasted coffee beans of consistent quality. We are also proud to have launched our ESG initiative in November 2022, with the publication of our 2020-2022 Corporate Governance Report. This report underscores ongoing commitment to pursuing sustainable development and growth.”

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Dr. Guo concluded, “I am exceptionally proud of the dedication from everyone at Luckin Coffee and the continued effort and determination that delivered a strong performance in 2022. Heading into 2023, we are encouraged to see the recent lifting of substantially all COVID-19 restrictions in China and the return of high levels of consumer activity. With these recent developments and as we begin to operate at normalized levels, we are confident in our ability to continue driving sustainable growth and long-term value for our shareholders.”

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