Luckin Coffee reports Q3 EPS RMB 3.60 vs. RMB 1.60 last year

Reports Q3 revenue RMB 7.2B vs. RMB 3.89B last year. Net new store openings during the third quarter was 2,437, including eleven new store openings in Singapore, resulting in a quarter-over-quarter store unit growth of 22.5% from the number of stores at the end of the second quarter of 2023, ending the third quarter with 13,273 stores which include 8,807 self-operated stores and 4,466 partnership stores. “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,” 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 both revenue and monthly transacting customers. During the third quarter, we achieved a record 58.5 million average monthly transacting customers, a 132.9% year-over-year increase. As a result of our pricing strategy that is behind the increase of our market share, our operating profit margin in the third quarter fell from 15.0% of the same period last year to 13.4%. 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.” Dr. Guo continued, “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.”