Luckin Coffee (NASDAQ:LK) reported third-quarter losses of 32 cents per share on Wednesday, which beat the analyst consensus estimate by 13.5%.
The company reported quarterly sales of $208.9 million, which missed the analyst consensus estimate of $211.01 million by 1%.
The Beijing-based Luckin reported net revenues from freshly brewed drinks were $160.2 million, representing 74.3% of total net revenues in the third-quarter of 2019.
Store level operating profit in the quarter was $26.1 million, or 12.5% of net revenues from products, compared to a loss in the third quarter of 2018.
Average monthly total items sold in the quarter were 44.2 million, representing an increase of 470.1% from 7.8 million in the third quarter of 2018.
Cumulative number of transacting customers increased to 30.7 million, representing an increase of 413.4% from six million as of the end of the third quarter of 2018. During the third quarter of 2019, the company acquired 7.9 million new transacting customers.
Said CEO Jenny Zhiya Qian, “These achievements follow a clear trend: an increase in volumes, efficiency and, as a result, profitability. During the quarter, product revenue grew at 557.6%, which was 1.2x, 1.4x and 2.7x the growth rate of average monthly items sold, average monthly transacting customers, and number of stores, respectively."
Shares galloped $2.42, or 12.8%, early Wednesday morning to $21.40
