Chinese coffee chain Luckin Coffee has posted impressive financial results for the fourth quarter and fiscal year 2024. The company’s Q4 revenue reached RMB9,613.3 million (US$1,317.2 million), marking a 36.1% year-over-year increase.
During a conference call on February 20, Luckin Coffee revealed that its Q4 GAAP operating margin expanded to 10.4%, a notable improvement from the previous year. Additionally, the company reported growth in same-store sales for its self-operated stores.
In 2024, Luckin Coffee opened a total of 6,092 new stores, bringing its total to 22,340 locations. This includes 14,591 self-operated stores and 7,749 partnership stores. In Q4 alone, the company opened 997 new stores, with 991 located in China (including five in Hong Kong) and six in Singapore.
Luckin Coffee also saw a significant increase in customer engagement, with 77.8 million average monthly transacting customers in Q4, up 24.5% year-over-year.
For the fiscal year 2024, the company reported a total net revenue of RMB34,474.8 million (US$4,723.9 million), reflecting a 38.4% year-over-year increase. Revenues from self-operated stores reached RMB25,591.7 million (US$3,506.7 million), up 43.1% compared to the previous year.
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