Luckin Coffee exceeds 7,100 outlets as the coffee chain reports second quarter results
An outlet of Luckin Coffee in Chaoyang district, Beijing, China. / CFP

An outlet of Luckin Coffee in Chaoyang district, Beijing, China. / CFP

Chinese coffee chain Luckin Coffee said on Monday that it has surpassed 7,000 stores as it reported a second-quarter revenue of 3.3 billion yuan ($493 million), which is 72 percent higher than the same period of 2021.

The company, which completed proceedings and emerged from bankruptcy earlier this year, opened 615 outlets in the period to reach 7,195 stores, nearly 5,000 of which are company-operated.

Sales growth in company-operated stores grew over 52 percent to reach 2.3 billion yuan, while revenues in partnership stores increased 178 percent to 777.5 million yuan.

"We are proud to announce that Luckin Coffee delivered another quarter of outstanding financial and operational results despite continued pandemic-related headwinds," said Guo Jinyi, the CEO of Luckin Coffee.

The company anticipates its operations to continue to be negatively affected by pandemic-related market pressures for the foreseeable future. However, Guo said he was confident in Luckin Coffee's ability to capture growth opportunities in the Chinese market in the long term.

Luckin Coffee also said it will publish its first corporate governance report in the fourth quarter of 2022 to share the company's progress on environmental, social and corporate governance (ESG) initiatives.

Search Trends