Luckin Coffee Reports Profits for a Third Quarter

Sun_Huixia

Sun_Huix...

· 2022.11.24 21:37

The Chinese coffee company Luckin Coffee opened over 600 stores in the third quarter, boosting revenues.


Image source: China Visual

Image source: China Visual


Beijing, July 23 (TMTPOST) — China’s Starbucks Luckin Coffee (OTC: LKNCY) reported growth in revenues for three consecutive quarters, driven by increased products sales, more stores in operation and a growing customer base. 

Founded in Beijing in 2017, the company turned an operating profit in the first quarter of this year. The performance continued to be strong, with total net revenues of 3.9 billion yuan in the third quarter and a year-on-year increase of 65.7 percent. Non-GAAP net profit came at 515 million yuan, 840 percent higher than that for the same period in 2021. And the net profit margin reached 13.2 percent, up 5.1 percentage points compared with the previous quarter.

Due to stores closures for the COVID-19 pandemic related restrictions, the company adopted a strategy focusing on take-out and delivery. With newly added self-operated stores in the first- and second-tier cities and partnership stores in lower tier cities, it managed to report growth in same-store sales in the past three months despite the pandemic. However, the growth slowed down. The same-store sales growth for self-operated stores increased by 19.4 percent, a significant drop from the growth of over 40 percent in the previous six quarters ended on June 30.   

The company also continued its rapid expansion by opening 651 stores in the third quarter. It now has a total number of 7,846 stores, among which over one third are partnership ones. The franchise stores reported a higher growth rate, with revenues increasing by 116.1 percent year-on-year. The number of average monthly transacting customers reached 25 million, up 21 percent from last quarter. The company has become China’s largest coffee chain, surpassing the American brand Starbucks that operates 6,201 stores. It claimed to attract more partnership stores in December.

In 2020, the company was fined 2.2 billion yuan by the U.S. Securities and Exchange Commission for financial fraud. Two years later, Snow Lake Capital, a Beijing-based hedge fund that helped expose the fraud, bought a minority stake in the company, betting on its comeback.

本文系作者Sun_Huixia授权钛媒体发表,并经钛媒体编辑,转载请注明出处、作者和本文链接
该文观点仅代表作者本人,钛媒体平台仅对用户提供信息及决策参考,本文不构成投资建议。
想和千万钛媒体用户分享你的新奇观点和发现,点击这里投稿 。创业或融资寻求报道,点击这里

敬原创,有钛度,得赞赏

”支持原创,赞赏一下“
钛粉41450 钛粉81947 钛粉48375 想暴富257467 钛粉61006 AIBEN
556人已赞赏 >
556换成打赏总人数556人赞赏钛媒体文章
关闭弹窗

挺钛度,加点码!

  • ¥ 5
  • ¥ 10
  • ¥ 20
  • ¥ 50
  • ¥ 100

支付方式

确认支付
关闭弹窗

支付

支付金额:¥6

关闭弹窗
sussess

赞赏金额:¥ 6

赞赏时间:2020.02.11 17:32

关闭弹窗 关闭弹窗

注册邮箱未验证

我们已向下方邮箱发送了验证邮件,请查收并按提示验证您的邮箱。

如果您没有收到邮件,请留意垃圾邮件箱。

更换邮箱

您当前使用的邮箱可能无法接收验证邮件,建议您更换邮箱

账号合并

经检测,你是“钛媒体”和“商业价值”的注册用户。现在,我们对两个产品因进行整合,需要您选择一个账号用来登录。无论您选择哪个账号,两个账号的原有信息都会合并在一起。对于给您造成的不便,我们深感歉意。