Coffee chain Luckin Coffee Inc. (LKNCY.US) reported on Tuesday that its revenue rose 17% year-on-year to 17.89 billion yuan ($2.67 billion) in the third quarter, while its net income increased 45.4% to 1.86 billion yuan. Its non-GAAP net income rose 50.9% to 2.14 billion yuan.
The company said its quarterly operating income increased 55.1% to 2.76 billion yuan, with its operating margin rising to 15.4% from 11.6% a year earlier. Its net margin also rose to 10.4% from 8.4%, as its profit growth outpaced revenue growth.
The company added 2,599 net new stores during the quarter, including 2,543 in China, including Hong Kong, 14 in Singapore, 40 in Malaysia and two in the U.S. Its global store count reached 38,909 at the end of September, including 25,402 self-operated stores and 13,507 partnership stores. Its average monthly transacting customers rose 9.6% year-on-year to a record 123 million.
Luckin’s shares rose 5.13% on Tuesday to close at $32.80. The stock is down 2.09% year-to-date.
By Lee Shih Ta
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