"This earnings announcement is an important milestone as it enables us to return to normalized financial reporting," said Luckin Coffee CEO.
China-based Starbucks equivalent Luckin Coffee reported net revenue of RMB 3.18 billion ($492.9 million) in the first half of the year, up 106 percent year-on-year, the company said today.
The company reported an operating loss of RMB 411.5 million in the first half of 2021, a 74.8 percent decrease from the first half of 2020.
For the first half of 2021, it will report a non-GAAP operating loss of RMB 284.1 million, an 82.5 percent decrease from the first half of 2020.
"This earnings announcement is an important milestone as it enables us to return to normalized financial reporting," said Guo Jinyi, Chairman and Chief Executive Officer of Luckin Coffee.
The company generated $2.74 billion in revenue from product sales in the first half, up 89.3 percent from a year earlier.
It generated $441 million in revenue from partner stores in the first half, up 357.8 percent from a year earlier.
Same-store sales growth from its own stores was 82.7 percent in the first half, compared to negative 20.3 percent in the same half of 2020.
The company's average monthly trading customers for the first half of the year were 10.5 million, up 35.1 percent from 7.8 million in the same six-month period in 2020.
At the end of the first half, the company had a total of 5,259 stores, including 4,018 self-operated stores and 1,241 partner stores.
Self-operated stores decreased by 5.8 percent compared to 4,267 stores at the end of the same half-year period in 2020, while cooperative stores increased by 50.6 percent compared to 824 stores at the end of the same period in 2020. This represents a 50.6 percent increase from 824 partner stores at the end of the same period in 2020.
On September 21, Luckin Coffee made three announcements, stating that it officially filed its audited 2020 financial report with the US Securities and Exchange Commission, signed a $187.5 million letter of intent to settle with US class action litigants, and formally filed a debt restructuring plan for convertible debt creditors with the Cayman Court.
Its fiscal 2020 annual report showed Luckin Coffee reported net revenue of $4.033 billion ($618.1 million) in 2020, up 33.3 percent year-on-year, driven by higher average selling prices for its products.
As of press time, Luckin Coffee's shares traded on the U.S. over-the-counter market were up more than 4 percent in pre-market trading.