Image provided by Luckin Coffee.
Luckin Coffee, a pioneer in coffee vending and a competitor to Starbucks in China, reported major sales and income gains for Q2 2023, according to a press release, sending its share price to a record level.
Highlights include:
- Total net revenues rose 88% from RMB3,298.7 million in Q2 2022 to RMB6,201.4 million ($855.2 million) for the quarter ending June 30, 2022.
- Net income rose from a net loss of RMB114.7 million to a gain of RMB998.7 million ($137.7 million) in the comparative quarters.
- Non-GAAP net income rose from RMB267.5 million to RMB1.06 billion ($146.5 million) in the comparative quarters.
- Basic and diluted net income per American depositary share (ADS) both rose from a net loss of RMB0.40 RMB to a gain of RMB3.12 (40 cents).
- Net new store openings rose 15.9% to 1,485, including five new store openings in Singapore, ending the second quarter with 10,836 stores which include 7,188 self-operated stores and 3,648 partnership stores.
- Average monthly transacting customers rose 107.9% from 20.7 million in the second quarter to 43.1 million.
- Revenues from self-operated stores rose 85.2% from RMB2.427 billion to RMB4.49 billion ($619.9 million).
- Same-store sales growth for self-operated stores fell from 41.2% to 20.8%.
Shares traded today at $32.91 against a 52-week range of $11.40-$33.92.
“We are incredibly proud to report another record-breaking quarter with strong sales growth and increased profitability,” Dr. Jinyi Guo, chairman and CEO, said in the press release. “Our new, innovative product offerings and marketing efforts continue to resonate with customers, driving significant growth in product revenue and monthly transacting customers.”