Chinese coffee giant Luckin Coffee eyes US entry
The brand reported an operating income of $222.1m in Q3.
Luckin Coffee is planning to open in the US, according to its third-quarter financial report.
“Given the maturity, saturation, and competitiveness of the U.S. coffee market, we intend to approach our expansion strategy there with careful consideration and a disciplined execution plan,” Luckin said.
Luckin has continued to dominate the coffee scene in China, beating several strong brands in the market.
Luckin reported total net revenues in Q3 reached $1.45b, representing an increase of 41.4% from the same quarter last year. GAAP (Generally Accepted Accounting Principles) operating income in the third quarter was $222.1m, representing a GAAP operating margin of 15.3%, compared to $135.04m, or a GAAP operating margin of 13.4%, in the same quarter of 2023.
Non-GAAP operating income in the third quarter, which adjusts for share-based compensation expenses, was$236.1m.
As of 30 September 2024, Luckin Coffee has a total of 21,343 stores.
