MILAN – Luckin Coffee Inc. is toasting a successful fourth quarter, with revenues of over US$4.7 billion and a total of 22,340 outlets. The Chinese coffee house chain is closing the financial year 2024 with very strong figures. In the fourth quarter, total net revenues rose to RMB9,613.3 million (US$1,317.2 million), representing a 36.1% year-over-year increase.
Net new store openings were 997, comprising 991 stores in China (including 5 stores in Hong Kong) and 6 stores in Singapore. Total number of stores increased to 22,340 at the fourth quarter end, comprising 14,591 self-operated stores and 7,749 partnership stores, which represented a store unit growth of 4.7% from the total store count as of the end of third quarter of 2024.
Average monthly transacting customers were 77.8 million, representing a 24.5% year-over-year increase.
Revenues from self-operated stores were RMB7,233.8 million (US$991.2 million), representing a 41.7% year-over-year increase.
Same-store sales growth for self-operated stores was negative 3.4%, notably improved from negative 13.1% in the previous quarter, and compared to 13.5% in the same quarter of 2023.
Store-level operating profit – self-operated stores was RMB1,419.0 million (US$194.4 million), representing a 105.5% year-over-year increase. Store-level operating profit margin increased by 610 basis points year-over-year to 19.6%.
Revenues from partnership stores were RMB2,045.8 million (US$280.3 million), representing a 16.0% year-over-year increase.
GAAP operating income was RMB995.0 million (US$136.3 million), representing a 367.8% year-over-year increase. GAAP operating margin increased by 740 basis points year-over-year to 10.4%. Non-GAAP operating income, which adjusts for share-based compensation expenses, was RMB1,091.7 million (US$149.6 million), representing a 300.0% year-over-year increase. Non-GAAP operating margin increased by 750 basis points year-over-year to 11.4%.
In the fourth quarter, the company announced a strategic partnership with Hextar Industries Berhad (“HIB”), to expand into a new overseas market, with HIB’s subsidiary being granted exclusive franchise rights to operate Luckin Coffee stores in Malaysia.
In fiscal year 2024, Luckin Coffee reported total net revenues were RMB34,474.8 million (US$4,723.9 million), representing a 38.4% year-over-year increase
Net new store openings were 6,092, comprising 6,071 stores in China (including 5 stores in Hong Kong) and 21 stores in Singapore. Total number of stores increased by 37.5% year-over-year to 22,340, comprising 14,591 self-operated stores and 7,749 partnership stores.
Average monthly transacting customers were 71.8 million, representing a 48.5% year-over-year increase.
Revenues from self-operated stores were RMB25,591.7 million (US$3,506.7 million), representing a 43.1% year-over-year increase.
Same-store sales growth for self-operated stores was negative 16.7%, compared to 21.0% in fiscal year 2023.
Store-level operating profit – self-operated stores was RMB4,836.4 million (US$662.7 million), representing a 21.7% year-over-year increase. Store-level operating profit margin was 18.9%, compared to 22.2% in the fiscal year 2023.
Revenues from partnership stores were RMB7,745.3 million (US$1,061.3 million), representing a 24.4% year-over-year increase.
GAAP operating income was RMB3,538.1 million (US$484.8 million), representing a 16.9% year-over-year increase. GAAP operating margin of 10.3%, compared to 12.1% in the fiscal year 2023. Non-GAAP operating income, which adjusts for share-based compensation expenses, was RMB3,902.9 million (US$534.8 million), representing a 19.5% year-over-year increase. Non-GAAP operating margin was 11.3%, compared to 13.1% in the fiscal year 2023.
Dr. Jinyi Guo, Chairman and Chief Executive Officer of Luckin Coffee, said, “The year 2024 has been pivotal for us, demonstrating our robust growth and expanded leadership in the coffee industry amid a dynamic market environment. We delivered solid fourth quarter results, with same-store sales growth for self-operated stores notably improving to negative 3.4% from negative 13.1% in the prior quarter. More encouragingly, this metric turned positive in December 2024. Supported by our expanding customer base and extensive network of 22,340 stores, we recorded a strong 36.1% year-over-year revenue growth alongside a double-digit operating margin for the quarter. Looking ahead, we are strategically positioned to capitalize on the growth opportunities in China’s thriving coffee market, bolstered by our unparalleled scale and powerful supply chain, enabling us to consistently deliver innovative, high-quality products to our growing clientele.”
