Chinese coffee chain Luckin Coffee is set to announce its financial results for the third quarter of 2024 before the U.S. market opens on October 30, 2024. A conference call is scheduled for the same day at 8 a.m. Eastern Time (8 p.m. Beijing Time), where company executives will discuss the financial outcomes and address questions from analysts.
In a notable development, Luckin Coffee recently opened a new outlet in Beijing, marking its 20,000th store. This expansion follows the inauguration of its 10,000th location last year and the launch of a 570,000 square foot roasting facility in Jiangsu in April 2024.
In addition to its robust domestic presence, Luckin operates 32 stores in Singapore and is poised to sign a master franchise agreement to facilitate its entry into the Malaysian market.
Moreover, the company has established a Memorandum of Understanding (MOU) with the Brazilian Trade and Investment Promotion Agency (ApexBrasil) to procure 120,000 tonnes of coffee from Brazil, valued at $500 million, over the next two years. This strategic move underscores the rapid growth of China’s branded coffee shop market, which surpassed that of the United States in terms of outlet numbers in 2023.
Despite a significant year-on-year sales increase of 41% in the first quarter of 2024, Luckin Coffee’s total revenues fell below 7.2 billion RMB, a decline from the 7 billion RMB reported in the previous two quarters. This decrease contributed to an operating loss of 65.1 million RMB during the same period.
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