Luckin Coffee Q2 revenue up 72.4% on year; appointed new CFO

 

>>REAL-TIME UPDATES IN THE WIRE. CLICK HERE<<<

 

 

Luckin Coffee reported total net revenues of 3.3 billion ($493.2 million) in the second quarter of the year, surging 72.4% from 1.9 billion yuan in the same quarter of 2021.

The company’s net new store openings was 615, resulting in a quarter-over-quarter store unit growth of 9.3% from the first quarter, ending the second quarter with 7,195 stores which include 4,968 self-operated stores and 2,227 partnership stores.

The company’s GAAP operating income in Q2 was 241.6 million yuan, compared to a GAAP operating loss of 47.5 million yuan in the same quarter of 2021. Its non-GAAP operating income was 342.6 million yuan, compared to 23.5 million yuan in the same quarter of 2021.

In addition, Luckin Coffee appointed 17-year industry veteran Ms. Jing An as its CFO, effective on Monday, succeeding Mr. Reinout Hendrik Schakel who served as CFO and Chief Strategy Officer since January 2019.

Mr. Schakel will continue to serve as chief strategy officer. Most recently, Ms. An served as CFO of 58 Daojia from 2016 to 2022.