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Luckin Coffee | 6-K: Luckin Coffee Inc. Announces Fourth Quarter and Full Year 2023 Financial Results

SEC announcement ·  Feb 23 07:04
Summary by Moomoo AI
Luckin Coffee Inc. (OTC: LKNCY), a leading coffee chain in China, reported its unaudited financial results for the fourth quarter and full fiscal year of 2023 on February 23, 2024. The company saw a significant increase in net revenues, with an 87.3% rise for the fiscal year and a 91.2% increase for the fourth quarter compared to the same periods in the previous year. The growth was attributed to a substantial expansion in store count, with over 8,000 new store openings in 2023, bringing the total to more than 16,200 stores across China, including the addition of 12 new stores in Singapore. The company also reported a sharp rise in average monthly transacting customers, which more than doubled in the fourth quarter. Despite the impressive revenue growth, Luckin Coffee...Show More
Luckin Coffee Inc. (OTC: LKNCY), a leading coffee chain in China, reported its unaudited financial results for the fourth quarter and full fiscal year of 2023 on February 23, 2024. The company saw a significant increase in net revenues, with an 87.3% rise for the fiscal year and a 91.2% increase for the fourth quarter compared to the same periods in the previous year. The growth was attributed to a substantial expansion in store count, with over 8,000 new store openings in 2023, bringing the total to more than 16,200 stores across China, including the addition of 12 new stores in Singapore. The company also reported a sharp rise in average monthly transacting customers, which more than doubled in the fourth quarter. Despite the impressive revenue growth, Luckin Coffee experienced a decrease in GAAP operating income margin in the fourth quarter, from 8.5% in 2022 to 3.0% in 2023, and a decline in store level operating profit margin for self-operated stores from 21.6% to 13.5% in the same period. The company's net income for the fourth quarter was RMB296.4 million (US$41.7 million), with a net income margin of 4.2%, an improvement from the 1.5% margin in the fourth quarter of 2022. Luckin Coffee's management remains focused on their pricing and expansion strategy to sustain growth and market share, despite challenges such as intense competition and seasonal demand fluctuations.

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