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Chinese coffee chain Luckin Coffee will release its third quarter 2024 financial results before the United States (US) market opens on 30 October 2024.
The company will hold a conference call on 30 October 2024 at 8am Eastern Time (30 October 2024, 8:00pm Beijing Time) to discuss the financial results and take questions live.
In July 2024, the company opened a new outlet in Beijing, officially bringing its total number of stores to 20,000.
Luckin launched the new store following the opening of its 10,000th outlet last year, and the inauguration of its 570,000 square foot roasting facility in Jiangsu in April 2024.
Alongside its domestic store network, Luckin Coffee also operates 32 stores in Singapore and plans to sign a master franchise agreement to further its expansion to Malaysia.
Additionally, Luckin has signed a Memorandum of Understanding (MOU) with the Brazilian Trade and Investment Promotion Agency (ApexBrasil) to purchase 120,000 tonnes of coffee, worth US$500 million, from Brazil over the next two years.
The deal is said to be indicative of China’s rapidly growing branded coffee shop market, which overtook the US by outlets in 2023.
Despite a 41 per cent year-on-year sales growth in the first quarter of 2024, Luckin Coffee reported total revenues in the period dipped below 7.2 billion RMB and 7 billion RMB achieved in the previous two quarters. According to the brand, the fall in sales also contributed to a 65.1 million RMB operating loss.
The post Luckin Coffee to announce third quarter 2024 financial results appeared first on Global Coffee Report.
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