Luckin Coffee: Announces Q3-2024 Financial Results

Beijing / CN. (lci) Luckin Coffee Inc. announced its unaudited financial results for the three months ended September 30, 2024. Total net revenues in the third quarter were RMB 10,180.8 million (USD 1,452.1 million), representing an increase of 41.4 percent from RMB 7,200.0 million in the same quarter of 2023. Net new store openings during the third quarter was 1,382, resulting in a quarter-over-quarter store unit growth of 6.9 percent from the number of stores at the end of the second quarter of 2024, ending the third quarter with 21,343 stores. GAAP operating income in the third quarter was RMB 1,557.5 million (USD 222.1 million), representing a GAAP operating margin of 15.3 percent, compared to RMB 961.7 million, or a GAAP operating margin of 13.4 percent, in the same quarter of 2023. Apart from the key financial figures, the coffee group is thinking out loud for the first time about the internationalization of its business: According to Luckin Coffee the Company recognizes the importance of the international market and is actively pursuing global expansion. The international market encompasses diverse regions, each requiring long-term investment before realizing substantial financial returns.

«I am pleased to report that Luckin Coffee delivered outstanding results in the third quarter of 2024,» said Dr. Jinyi Guo, Chairman and Chief Executive Officer. «With the hard work and dedication of our team and the loyalty of our customers, we achieved record net revenue and operating profit while maintaining a healthy margin. Despite the many coffee options available in China, Luckin remains a preferred choice for customers, as reflected in our record average monthly transaction user count and the addition of 1,382 net new stores. In line with our commitment to invest in a high-quality supply chain and boost efficiency, we also broke ground in August on our new state-of-the-art Innovation and Production Center in Qingdao, a strategically important economic hub in China. Looking forward, we are focused on continuing to expand our market share by offering innovative, high-quality products, enhancing brand recognition, and expanding our footprint.»

For additional information please refer to the company’s news release (PDF | 276 KB):

20241030-LUCKINCOFFEE-Q32024.