Third Quarter Net Revenues Increased 66%; Further Acceleration of Net New Store Openings
Operating Efficiency and Economies of Scale Further Improved Profitability Profile
Following Full Redemption of Offshore Notes, Company Moves Forward with No Debt Obligations and Strong Liquidity Position
BEIJING, Nov. 22, 2022 (GLOBE NEWSWIRE) -- Luckin Coffee Inc. (?Luckin Coffee? or the ?Company?) (OTC: LKNCY) today announced its unaudited financial results for the three months ended September 30, 2022.
THIRD QUARTER 2022 HIGHLIGHTS1
Total net revenues in the third quarter were RMB3,894.6 million (US$547.5 million), representing an increase of 65.7% from RMB2,350.2 million in the same quarter of 2021.
Net new store openings in the third quarter was 651, resulting in a quarter-over-quarter store unit growth of 9.0% from the number of stores at the end of the second quarter of 2022, ending the third quarter with 7,846 stores which include 5,373 self-operated stores and 2,473 partnership stores.
Average monthly transacting customers in the third quarter were 25.1 million, representing an increase of 70.5% from 14.7 million in the same quarter of 2021.
Revenues from self-operated stores in the third quarter were RMB2,761.4 million (US$388.2 million), representing an increase of 53.9% from RMB1,794.7 million in the same quarter of 2021.
Same-store sales growth for self-operated stores in the third quarter was 19.4%, compared to 75.8% in the same quarter of 2021.
Store level operating profit ? self-operated stores in the third quarter was RMB806.7 million (US$113.4 million) with store level operating profit margin of 29.2%, compared to RMB452.1 million with store level operating profit margin of 25.2% in the same quarter of 2021.
Revenues from partnership stores in the third quarter were RMB899.1 million (US$126.4 million), representing an increase of 116.1% from RMB416.1 million in the same quarter of 2021.
GAAP operating income in the third quarter was RMB585.3 million (US$82.3 million), representing a GAAP operating income margin of 15.0%, compared to a GAAP operating loss of RMB6.7 million in the same quarter of 2021. Non-GAAP operating income in the third quarter, which adjusts for share-based compensation expenses, was RMB693.8 million (US$97.5 million), representing a non-GAAP operating income margin of 17.8%, compared to RMB71.4 million, or a non-GAAP operating income margin of 3.0%, in the same quarter of 2021, which represents a significant improvement of operating results.