Luckin Coffee, a pioneer in coffee vending and a competitor to Starbucks in China, which filed for bankruptcy protection in February, reported strong financial results for 2020, according to its newly released annual report.
Net revenues jumped by 33.3% to RMB4,033.4 million ($618.1 million) from 2019 to 2020, despite the impact of COVID-19 in 2020 and primarily driven by the increased average selling price for the company’s products, according to a press release.
As of Dec. 31, 2020, the cumulative number of transacting customers was over 64.9 million, compared to 40.6 million as of Dec. 31, 2019.
Average monthly total items sold in self-operated stores and unmanned coffee machines were approximately 26.2 million in 2020, compared to 24.2 million in 2019. Average monthly total items sold in self-operated stores and unmanned coffee machines reached approximately 31.6 million in the fourth quarter of 2020.
As of Dec. 31, 2020, Luckin Coffee had operated 3,929 self-operated stores in 56 cities in China and operated 874 partnership stores.
“Luckin Coffee continues to make progress on returning the company to normalized financial reporting,” Dr. Jinyi Guo, chairman and CEO of Luckin Coffee, said in the press release. “In 2020, we delivered strong revenue growth and improvements in profitability.
“We have continued to expand and enhance our results of operation in 2021, and our team remains dedicated to delivering high quality products and services for our customers and executing on our strategic plan for the benefit of all stakeholders.”
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