Image Source: Visual China

BEIJING, March 24 (TMTPOST) — Chinese coffee chain Luckin Coffee (OTC: LKNCY) released its Q4 and 2021 fiscal year unaudited fiscal report, announcing that its total revenues nearly doubled in 2021.

The report shows that Luckin Coffee’s total net revenues reached around 7.96 billion yuan, registering an increase of 97.5% from 4.03 billion yuan in 2020. GAAP operating loss in the fiscal year 2021 was 539.1 million yuan, representing a significant reduction in operating loss from 2.58 billion yuan in 2020. Average monthly transacting customers in Q4 were 16.2 million, registering year-on-year growth of 67.1% and breaking the record for Luckin Coffee.

Same-store sales growth for self-operated stores in 2021 reached 69.3%. In the fiscal year 2020, same-store sales decreased by 7.8%. Profit from self-operated stores in 2021 was 1.25 billion yuan. In 2020, store-level operating loss was 434.7 million yuan.

Luckin Coffee notes in its 2021 financial report that measures such as research and development of new products and marketing had helped drive sales. Luckin Coffee board chair Guo Jinyi said that Luckin Coffee rolled out 113 new drinks in 2021. In 2021, the new product Coconut Latte was able to attract popularity in the summer season. The new product achieved a single-month sales volume of over ten million, breaking Luckin Coffee’s own record.

In 2021, Luckin Coffee signed snow sports athlete Eileen Gu as its brand ambassador, who later took two medals at the Winter Olympic Games. Luckin Coffee was able to boast massive sales through intensive marketing campaigns during the Olympics.

As of the year-end of 2021, Luckin Coffee had 6,024 outlets in China, 4,397 of which are self-operated. Luckin Coffee is now one of the biggest coffee chains in China. The coffee chain opened 1,200 new stores in 2021. It is worth noting that the number of co-operated stores had doubled when compared with that of 2020.