16 July 2024
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Global Industry

Luckin Coffee Inc.: FY-2023 Net Revenues Increased 87%

Beijing / CN. (lci) Luckin Coffee Inc. announced its unaudited financial results for the three months ended December 31, 2023 and fiscal year 2023. Highlights:

  • Total net revenues in fiscal year 2023 were RMB 24,903.2 million (USD 3,507.5 million), representing an increase of 87.3 percent from RMB 13,293.0 million in fiscal 2022.
  • Net new store openings in fiscal year 2023 were 8,034, including 30 new store openings in Singapore, resulting in a year-over-year store unit growth of 97.8 percent from the number of stores at the end of fiscal year 2022, ending the period with 16,248 stores which include 10,628 self-operated stores and 5,620 partnership stores.
  • Average monthly transacting customers in fiscal year 2023 were 48.4 million, representing an increase of 124.1 percent from 21.6 million in fiscal year 2022.
  • Revenues from self-operated stores in fiscal year 2023 were RMB 17,880.1 million (USD 2,518.4 million), representing an increase of 82.7 percent from RMB 9,786.2 million in fiscal year 2022.
  • Same-store sales growth for self-operated stores in fiscal year 2023 was 21.0 percent, compared to 20.6 percent in fiscal year 2022.
  • Store level operating profit – self-operated stores in fiscal year 2023 was RMB 3,974.9 million (USD 559.9 million) with store level operating profit margin of 22.2 percent, compared to RMB 2,376.0 million with store level operating profit margin of 24.3 percent in fiscal year 2022.
  • Revenues from partnership stores in fiscal year 2023 were RMB 6,225.8 million (USD 876.9 million), representing an increase of 102.8 percent from RMB 3,069.3 million in fiscal year 2022.
  • GAAP operating income in fiscal year 2023 was RMB 3,025.6 million (USD 426.1 million), representing a GAAP operating income margin of 12.1 percent, compared to a GAAP operating income of RMB 1,156.2 million, or a GAAP operating income margin of 8.7 percent, in fiscal year 2022. Non-GAAP operating income in fiscal year 2023, which adjusts for share-based compensation expenses, was RMB 3,265.1 million (USD 459.9 million), representing a non-GAAP operating income margin of 13.1 percent, compared to a non-GAAP operating income of RMB 1,554.2 million, or a non-GAAP operating income margin of 11.7 percent, in fiscal year 2022.

Company Statement

«We delivered another year of strong operational and financial performance, resulting in record high revenue up 87.3 percent from the year prior and advancing our pricing and expansion strategies in 2023,» said Dr. Jinyi Guo, Chairman and CEO, «The number of Luckin Coffee stores doubled from the previous year, reaching a new record-high, and reinforcing our position as the coffee chain brand with the largest number of stores in China. Our operating income margin also increased from 8.7 percent to 12.1 percent year-over-year due to our scale benefits and operational efficiency efforts. In Q4-2023, our average monthly transacting customers were 62.4 million, a 154.2 percent increase from Q4-2022, which highlights the enduring popularity of our brands and products. In addition, we launched more than 100 SKUs in 2023, and with these SKUs and those we plan to introduce in the near future, we aim to continuously provide customers with high-quality products and services catering to their diverse needs.»

Dr. Guo continued, «I am extremely thankful for all the hard work that has been put forth by the Luckin team over the past year, which has fueled our continued success. Looking forward to 2024, amidst various challenges that may affect our future performance, including the fierce competition in China’s coffee industry and the relatively low seasonal demands such as that in winter, we remain focused on our pricing and expansion strategy to sustain our growth and market share, with a view to delivering long-term value to our customers, shareholders and other stakeholders.»

For additional information please read the Company’s PDF file below (274 KB):

20240223-LUCKIN-COFFEE-FY2023.


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