While Starbucks Thrashes, Luckin Soars With 50% Revenue Increase – CoffeeTalk

Luckin Coffee’s total net revenues for the quarter ending September 30 rose by 50.2% year-on-year, totaling $2.14 billion, primarily due to a substantial 48.1% increase in gross merchandise value, following 47% growth in the previous quarter. The company opened 3,008 new stores, comprising 2,979 in China, five in Singapore, 21 in Malaysia, and three in the US, resulting in a total of 29,214 stores by quarter’s end, with 18,882 being self-operated and 10,332 through partnerships. Same-store sales for self-operated locations increased by 14.4%, and the number of average monthly transacting customers rose by 40.6%. CEO Jinyi Guo highlighted that the company’s scale-driven strategy, aided by an expanding store network, enhanced fulfillment capabilities, and allowed the capture of increased customer demand, leading to significant milestones such as surpassing 100 million average monthly transacting customers.

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