Luckin Coffee has reported an 88 per cent increase in total net revenue in the company’s latest quarterly report.
“We are incredibly proud to report another record-breaking quarter with strong sales growth and increased profitability,” says Luckin Coffee Chairman and CEO Dr. Jinyi Guo. “Our new, innovative product offerings and marketing efforts continue to resonate with customers, driving significant growth in product revenue and monthly transacting customers.”
Net revenue reached US$855.2 million in the quarter, compared to US$462.2 in Q2 2022. Additionally, the company opened 1,485 new stores, including five new stores in Singapore. The new additions bring Luckin Coffee’s total to 10,836 stores worldwide.
“In June 2023, we reported a record 50 million transacting customers and opened our 10,000th store, making us the first coffee chain in China with 10,000 stores and cementing our position as China’s largest coffee chain brand,” says Guo. “To build upon our momentum and leadership position in the highly competitive coffee market in China, we recently announced our new brand initiative, LUCK IN HAND. We have always believed that luck comes to those who are steadfast and hardworking.”
Revenue from self-operated stores totalled US$619.9 million, which was an increase of 85.2 per cent compared to Q2 2022.
Average monthly transacting customers in Q2 was 43.1 million, showing an increase of 107.9 per cent compared to the same quarter last year.
“At Luckin Coffee, we are never satisfied,” says Guo. “As we move into the second half of 2023, we are laser focused on delivering value to customers as well as leveraging our scale advantages.
“This will best position us in the long run to utilise our cost advantage to give back to our consumers, which not only directly benefits them, but also increases our market share and brand awareness.”
To read Luckin Coffee’s full Q2 report, click here.
