Luckin Coffee Inc. announced its unaudited financial results for the fourth quarter and full fiscal year ended December 31, 2024, on February 20, 2025. For Q4 2024, total net revenues increased by 36% year-over-year to RMB 9.6 billion, while operating profit surged 368% to approximately RMB 1 billion, with the operating margin expanding to 10.4%. This marks the first time the company achieved a double-digit operating margin in a traditionally low season.
Operational highlights for Q4 include a significant improvement in same-store sales growth for self-operated stores, narrowing from negative 13% in Q3 to negative 3%, and turning positive in December. The store-level operating margin for self-operated stores reached 19.6%. The company added 991 net new stores in China, including its first 5 stores in Hong Kong, bringing the total China store count to 22,289, and a global total of 22,340 stores by year-end.
For the full year 2024, total net revenues increased by 38% year-over-year to RMB 34.5 billion, with operating profit growing 17% to RMB 3.5 billion. Luckin Coffee opened over 6,000 net new stores, reaching 22,340 stores by year-end, and saw its average monthly transacting customers increase by 48% to 71.8 million. The company also expanded its strategic cooperation with ApexBrasil, securing a commitment to procure 240,000 metric tons of coffee beans over the next five years.
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