Chinese coffee shop chain Luckin Coffee has published its unaudited fourth quarter and fiscal year 2024 financial results, with a total Q4 revenue of RMB9,613.3 million (US$1,317.2 million), representing a 36.1 per cent year-over-year increase.
In a conference call on 20 February, the company announced fourth quarter GAAP operating margin expanded year-over-year to 10.4 per cent, while same-store sales growth for self-operated stores also saw notable improvement.
Luckin Coffee opened 6092 new stores in 2024, ending the year with a total of 22,340 venues, comprising 14,591 self-operated stores and 7,749 partnership stores. In Q4, the company opened 997 new stores in total, comprising 991 stores in China (including 5 stores in Hong Kong) and 6 stores in Singapore.
In Q4, average monthly transacting customers stood at 77.8 million, representing a 24.5 per cent year-over-year increase.
Revenues from self-operated stores were RMB7,233.8 million (US$991.2 million), representing a 41.7 per cent year-over-year increase. Same-store sales growth for self-operated stores was negative 3.4 per cent, improved from negative 13.1 per cent in the previous quarter.
For the 2024 fiscal year, total net revenue was reported at RMB34,474.8 million (US$4,723.9 million), a 38.4 per cent year-over-year increase. Revenues from self-operated stores were RMB25,591.7 million (US$3,506.7 million), representing a 43.1 per cent year-over-year increase.
Same-store sales growth for self-operated stores was negative 16.7 per cent, compared to 21.0 per cent in fiscal year 2023.
“The year 2024 has been pivotal for us, demonstrating our robust growth and expanded leadership in the coffee industry amid a dynamic market environment,” says Dr. Jinyi Guo, Luckin Coffee Chairman and CEO.
“We delivered solid fourth quarter results, with same-store sales growth for self-operated stores notably improving to negative 3.4 per cent from negative 13.1 per cent in the prior quarter. More encouragingly, this metric turned positive in December 2024. Supported by our expanding customer base and extensive network of 22,340 stores, we recorded a strong 36.1 per cent year-over-year revenue growth alongside a double-digit operating margin for the quarter.
“Looking ahead, we are strategically positioned to capitalise on the growth opportunities in China’s thriving coffee market, bolstered by our unparalleled scale and powerful supply chain, enabling us to consistently deliver innovative, high-quality products to our growing clientele.”
