Luckin Coffee Inc. reported its unaudited financial results for the second quarter ended June 30, 2024, revealing a significant 35.5% increase in net revenues to RMB 8,402.6 million. The company's profitability also improved, with a GAAP operating margin of 12.5%. During the quarter, Luckin Coffee expanded its store network by 1,371 new stores, including five in Singapore, bringing the total to nearly 20,000 stores. Despite a notable increase in average monthly transacting customers by 61.8%, same-store sales growth for self-operated stores was negative at 20.9%. The company's GAAP operating income was RMB 1,050.7 million, while non-GAAP operating income, which adjusts for share-based compensation expenses, was RMB 1,150.6 million. The decrease in operating margin was mainly due to reduced average selling prices and market volatility. Luckin...Show More

Luckin Coffee Inc. reported its unaudited financial results for the second quarter ended June 30, 2024, revealing a significant 35.5% increase in net revenues to RMB 8,402.6 million. The company's profitability also improved, with a GAAP operating margin of 12.5%. During the quarter, Luckin Coffee expanded its store network by 1,371 new stores, including five in Singapore, bringing the total to nearly 20,000 stores. Despite a notable increase in average monthly transacting customers by 61.8%, same-store sales growth for self-operated stores was negative at 20.9%. The company's GAAP operating income was RMB 1,050.7 million, while non-GAAP operating income, which adjusts for share-based compensation expenses, was RMB 1,150.6 million. The decrease in operating margin was mainly due to reduced average selling prices and market volatility. Luckin Coffee also announced a strategic collaboration with Brazil for coffee bean procurement, which is expected to support the company's growth. The company's net income was RMB 871.1 million, with a net margin of 10.4%, and non-GAAP net income was RMB 971.0 million, with a non-GAAP net margin of 11.6%. Basic and diluted net income per ADS was RMB 2.72, while non-GAAP basic and diluted net income per ADS was RMB 3.04. Cash and cash equivalents stood at RMB 3,786.0 million as of June 30, 2024.