Summary by Moomoo AI
Luckin Coffee Inc. reported its unaudited financial results for the second quarter ended June 30, 2024, revealing a significant 35.5% increase in net revenues to RMB 8,402.6 million. The company's profitability also improved, with a GAAP operating margin of 12.5%. During the quarter, Luckin Coffee expanded its store network by 1,371 new stores, including five in Singapore, bringing the total to nearly 20,000 stores. Despite a notable increase in average monthly transacting customers by 61.8%, same-store sales growth for self-operated stores was negative at 20.9%. The company's GAAP operating income was RMB 1,050.7 million, while non-GAAP operating income, which adjusts for share-based compensation expenses, was RMB 1,150.6 million. The decrease in operating margin was mainly due to reduced average selling prices and market volatility. Luckin...Show More
