Courtesy of Benzinga
Luckin Coffee (NASDAQ: LK) reported third-quarter losses of 32 cents per share on Wednesday, which beat the analyst consensus estimate by 13.51%.
The company reported quarterly sales of $208.9 million, which missed the analyst consensus estimate of $211.01 million by 1%.
Luckin Coffee reported net revenues from freshly brewed drinks were $160.2 million, representing 74.3% of total net revenues in the third-quarter of 2019.
Related Link: Luckin Coffee Strikes Juice Deal With Louis Dreyfus Co.
“We exceeded the high-end of our guidance range, achieved a store level profit margin of 12.5% and experienced continuous growth across all key operating metrics,” said Jenny Zhiya Qian, CEO of Luckin Coffee. “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.”
Luckin Coffee shares were trading up 3% at $19.55 in Wednesday’s pre-market session. The stock has a 52-week high of $27.12 and a 52-week low of $13.71.
Posted-In: Earnings News Pre-Market Outlook
