Luckin Coffee Third Quarter Revenue of $ 364.7 Million, Net Loss Decreases 98.6% YoY

Luckin Coffee on Thursday released its unaudited financial report for the third quarter of 2021. Data showed that its total third-quarter net sales were 2.35 billion yuan ($ 364.7 million), a 105.6% increase from 1.143 billion yuan the same period last year. Its net loss amounted to 23.5 million yuan, down 98.6% year-on-year. The average number of customers with monthly transactions was 14.7 million, up 79.2% year-over-year.

The growth in net sales is mainly due to the increase in the average selling price of the company’s products, the increase in the number of customers carrying out monthly transactions, the increase in the area of ​​the stores of the company and the number of products sold.

Luckin’s total store count was 5,671 at the end of the third quarter, including 4,206 independent stores, an increase of 6.4% year-on-year, and 1,465 partner stores, an increase of 66.7% in year-over-year. The operating profit of independent stores in the third quarter was 452.1 million yuan with an operating profit margin at the store level of 25.2%. Same-store sales growth for self-managed stores in the third quarter was 75.8%, compared to 0.3% in the same quarter of 2020.

In addition, a recruiting platform this month posted a notice that Luckin Coffee is attracting business development managers to Zhengzhou and Qingdao cities. He mentioned that the company needs to expand its business activities and establish regional or national cooperation in site selection with other companies.

SEE ALSO: Luckin Coffee Reaches $ 175 Million Preliminary Settlement for Class Action Settlement

Recently, Luckin Coffee is also seeking Research Directors on Low Calorie Foods, requiring bakery work experience. When browsing Luckin Coffee’s menu, low-calorie baked foods include croissants, European pastries, and toast.

Sources from said coffee is still the focus of Luckin Coffee. In that financial report, he again touched on the role of popular products, such as iced coconut latte and velvet latte.

Ann J. Cox