Luckin Coffee Inc. (OTC: LKNCY), a leading coffee chain in China, reported its unaudited financial results for the third quarter ended September 30, 2024. The company saw a significant year-on-year revenue increase of 41.4%, with quarterly revenue exceeding RMB 10 billion. The GAAP operating margin improved to 15.3%, and the company opened 1,382 net new stores, bringing the total to over 21,300 stores. Despite a negative same-store sales growth of 13.1% for self-operated stores, the company achieved a store level operating profit margin of 23.3%. Luckin Coffee's international expansion is underway, with a focus on Singapore as a strategic entry point into Southeast Asia, and plans for careful expansion into the competitive U.S. market. The company's net income for the quarter was...Show More

Luckin Coffee Inc. (OTC: LKNCY), a leading coffee chain in China, reported its unaudited financial results for the third quarter ended September 30, 2024. The company saw a significant year-on-year revenue increase of 41.4%, with quarterly revenue exceeding RMB 10 billion. The GAAP operating margin improved to 15.3%, and the company opened 1,382 net new stores, bringing the total to over 21,300 stores. Despite a negative same-store sales growth of 13.1% for self-operated stores, the company achieved a store level operating profit margin of 23.3%. Luckin Coffee's international expansion is underway, with a focus on Singapore as a strategic entry point into Southeast Asia, and plans for careful expansion into the competitive U.S. market. The company's net income for the quarter was RMB 1.3 billion, with a net margin of 12.8%. Basic and diluted net income per ADS was RMB 4.08. The company's cash and cash equivalents, restricted cash, term deposits, and short-term investments totaled RMB 4.75 billion as of September 30, 2024. The board of directors saw changes with the resignation of Mr. Gary Liu and the appointment of Mr. Guiyi Chen, who brings extensive experience in law, banking, investment, and management.