Luckin Coffee reports Q2 EPS RMB 3.36 vs. RMB 0.88 last year

Total net revenues in the second quarter were RMB6,201.4 million, representing an increase of 88.0% from RMB3,298.7 million in the same quarter of 2022. Net new store openings during the second quarter was 1,485, including five new store openings in Singapore, resulting in a quarter-over-quarter store unit growth of 15.9% from the number of stores at the end of the first quarter of 2023, ending the second quarter with 10,836 stores which include 7,188 self-operated stores and 3,648 partnership stores. “We are incredibly proud to report another record-breaking quarter with strong sales growth and increased profitability,” said Dr. Jinyi Guo, Chairman and Chief Executive Officer of Luckin Coffee, “Our new, innovative product offerings and marketing efforts continue to resonate with customers, driving significant growth in product revenue and monthly transacting customers. 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. 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. At Luckin Coffee, our incredible team is committed to working hard every day to deliver lucky moments to our customers.” Dr. Guo continued, “At Luckin Coffee, we are never satisfied. 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 utilize our cost advantage to give back to our consumers, which not only directly benefits them, but also increases our market share and brand awareness. We are committed to accelerate the education and development of the coffee market in China and to continue to expand our global footprint, so that the world can enjoy the high-quality products and services from Luckin Coffee. Looking ahead, we remain dedicated to not only maintaining, but expanding, our competitive edge while capturing the significant growth opportunities both at home and abroad, creating long-term value and driving sustainable growth for our shareholders.”