Chinese beverage chain Luckin Coffee reported its financial results for the first half of 2021 on Thursday, posting total net sales of 3,182.5 million yuan ($ 497.743 million), an increase of 106.0 % compared to 1,544.5 million yuan in the same half of 2020.
The net loss amounted to 211.4 million yuan, down 86.4% from 1,555.2 million yuan in the same period last year. According to non-GAAP financial measures, its net loss was 84 million yuan, compared to a loss of 1,538.9 million yuan in the first half of 2020.
Among them, product sales revenue amounted to 2,741.3 million yuan, an increase of 89.3% from 1,448.2 million yuan in the first half of 2020. Net revenue from fresh drinks loads were 2,422.2 million yuan ($ 378.832 million), or 76.1% of the total. net income in the first half of 2021, compared to 1,248.1 million yuan (195.202 million dollars), or 80.8% of total net income, in the first half of 2020.
Total operating expenses amounted to 3.594 billion yuan in the first half of 2021, an increase of 13.0% compared to 3,180.4 million yuan in the first half of 2020. At the same time, the expenditure of Operating as a percentage of net revenues fell to 112.9%, from 205.9% in the first half. first half of 2020. Sales and marketing expenses amounted to 460.4 million yuan, down 11.0% from 517.5 million yuan in the first half of 2020.
According to Luckin Coffee’s unaudited financial results, the average monthly number of customers transacting was 10.5 million, up 35.1% from 7.8 million in the same period last year. In the first half of the year, there were 5,259 stores, of which 4,018 owned stores and 1,241 partner stores, compared to 4,267 owned stores and 824 partnered stores in the first half of 2020.
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In response, Guo Jinyi, President and CEO of Luckin Coffee, said, “The substantial revenue growth is due to an increase in the average revenue of each independent store. Today, with a renewed Board of Directors and management team, as well as the execution of our strategy, we believe we can continue to provide exceptional products and services to our customers. “