Luckin Coffee’s Q3 Revenue Rises to $364.7 Million, Net Loss Decreases by 98.6% Year-on-Year
Luckin Coffee released its unaudited financial report for the third quarter of 2021 on Thursday. The data showed that its total net revenue in the third quarter was 2.35 billion yuan ($364.7 million), an increase of 105.6% compared with 1.143 billion yuan in the same period last year. Its net loss was 23.5 million yuan, a year-on-year decrease of 98.6%. The average monthly transacting customers was 14.7 million, up 79.2% year-on-year.
Net revenue growth was primarily driven by the increased average selling price for the company’s products, the increase in the number of monthly transacting customers, the increase in the firm’s store footprint and the number of products sold.
Luckin’s total number of stores was 5,671 as of the end of the third quarter, including 4,206 self-operated stores, a year-on-year increase of 6.4%, and 1,465 partnership stores, a year-on-year increase of 66.7%. Self operated stores’ operating profit in the third quarter was 452.1 million yuan with a store level operating profit margin of 25.2%. Same-store sales growth for self-operated stores in the third quarter was 75.8%, compared to 0.3% in the same quarter of 2020.
In addition, a recruitment platform this month released a notice of Luckin Coffee’s attracting business development managers in the cities of Zhengzhou and Qingdao. It mentioned that the company needs to expand business-related enterprises and establish regional or national site selection cooperation with other firms.
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Recently, Luckin Coffee is also looking for directors of low-calorie food research, requiring working experience in baking. Looking through the menu of Luckin Coffee, low-calorie baked food includes croissants, European pastries and toast.
Sources of Caijing.com said coffee is still the focus of Luckin Coffee. In this financial report, it once again mentioned the role of popular products, such as iced coconut latte and velvet latte.