Luckin Coffee reports Q1 EPS RMB 1.92 vs. RMB 0.32 last year

Reports Q1 revenue RMB 4.44B vs. RMB 2.4B last year. Net new store openings during the first quarter was 1,137, including two new store openings in Singapore, resulting in a quarter-over-quarter store unit growth of 13.8% from the number of stores at the end of the fourth quarter of 2022, ending the first quarter with 9,351 stores which include 6,310 self-operated stores and 3,041 partnership stores. Average monthly transacting customers in the first quarter was 29.5 million, representing an increase of 84.6% from 16.0 million in the same quarter of 2022. "The Luckin Coffee team is delighted to report strong sales growth and increased profitability in the first quarter of 2023," said Dr. Jinyi Guo, Chairman and Chief Executive Officer of Luckin Coffee. "Our new, innovative product offerings continue to resonate with customers, resulting in significant growth in product revenue and monthly transacting customers. We had 1,137 net new store openings in the first quarter, ensuring that we remain best positioned to capture the returning consumer demand. With more than 9,300 stores, we are proud to say that Luckin Coffee is China’s largest coffee chain brand." Dr. Guo continued, "We are excited to have launched two new stores in Singapore in the first quarter, and we look forward to continued growth in Singapore. The launch of our stores in Singapore represents an important first step in our expansion into international markets and is the starting point of our internationalization strategy. By establishing a presence in Singapore, we are aiming to fine-tune our entire IT and operation system for this expansion, and test our business model in the overseas markets. Our goal is to make Luckin Coffee’s high-quality coffee accessible to consumers worldwide, by leveraging our brand’s professional, youthful, fashion, and healthy image and our new retail coffee business model." Dr. Guo concluded, "The Chinese coffee market is highly competitive, and we welcome healthy competition and collaboration to expand the market for coffee consumption. Our success in developing and improving our products and services, delivering high-quality products and services to our customers, growing brand awareness, and optimizing our supply chain and operational efficiency has enabled us to differentiate ourselves in a highly competitive market. We remain committed to expanding our footprint and adapting to changing market conditions and customer needs to maintain our competitive edge while driving long-term value and sustainable growth for our shareholders."