Luckin Coffee has announced it has added 2437 net new store openings in the company’s Q3 report for 2023.
The new stores, including 11 new store openings in Singapore, resulted in a quarter-over-quarter store unit growth of 22.5 per cent from the number of stores reported at the end of Q2 2023.
“We are proud to report another strong quarter, where we achieved record revenue and increased our footprint with more than 2,400 net new store openings,” says Luckin Coffee Chairman and CEO Jinyi Guo.
Luckin Coffee now has 13,273 stores, which includes 8807 self-operated stores and 4466 partnership stores.
Total net revenue in Q3 was measured at US$986.8 million, which was an increase of 84.9 per cent compared to Q3 2022.
“We have been continuously building a talented and hardworking team at Luckin Coffee and we remain committed to providing our customers with the exceptional products and services they expect from us at affordable price,” Guo says.
Revenue reported from self-operated stores was US$704.6 million, an increase of 79.3 per cent compared to the same time period last year.
“Our new, innovative product offerings and marketing efforts continue to resonate with customers, driving significant growth in both revenue and monthly transacting customers,” says Guo.
As part of the report, Luckin Coffee announced that Chief Strategy Officer Reinout Hendrik Schakel would be departing from the company due to personal reasons.
“On behalf of the Board of Directors and management team, we thank Reinout for his significant contributions to Luckin Coffee over the past five years,” says Guo. “He has been instrumental to our recovery and we look forward to continuing to benefit from his expertise and experience in his new role.”
Schakel will remain with the company as an external consultant beginning January 2024.
“As we move into the fourth quarter, we remain focused on delivering value to our customers, enhancing our product offerings, and continuing with our pricing and expansion strategy to serve more customers and expand our global footprint to ensure that we are well positioned for long-term growth,” Guo says.