Luckin Coffee (LKNCY, Financial) has released its financial results for the fourth quarter and full year ending December 31, 2024. The company reported a net revenue of 9.6133 billion yuan for Q4, marking a 36.1% increase year-over-year. Net profit soared to 841.1 million yuan, up 183.8% from the previous year. On a non-GAAP basis, net profit was 927.9 million yuan, reflecting a 164.3% increase.
For the entire year of 2024, Luckin Coffee achieved a total net revenue of 34.4748 billion yuan, a 38.4% rise compared to 2023. Annual net profit reached 2.9317 billion yuan, slightly up from 2.8479 billion yuan in 2023.
Operationally, Luckin Coffee opened 6,092 new stores in Q4, bringing the total number of stores to 22,340, a 37.5% year-over-year increase. Of these, 14,591 are self-operated, while 7,749 are joint venture stores. The company reported an average of 71.8 million monthly transacting customers in Q4, a 48.5% increase from the previous year.
Self-operated store revenue reached 25.5917 billion yuan (approximately $3.5067 billion), up 43.1% year-over-year, while joint venture store revenue was 7.7453 billion yuan (about $1.0613 billion), a 24.4% increase.
Product sales revenue for Q4 was 7.5675 billion yuan (around $1.0369 billion), up 42.7% year-over-year. Revenue from freshly brewed drinks accounted for 72% of total Q4 net revenue, amounting to 6.9245 billion yuan (approximately $948.8 million).
