LUCKIN COFFEE INC SP/ADR - LKNCY STOCK NEWS

Groupe SEB reported a resilient first half of 2022, with sales reaching €3,666m, up 1.6% year-on-year, despite a challenging economic environment characterized by rising inflation and the Ukraine conflict. The second quarter saw sales decline to €1,750m, down 0.4%, with a significant drop in the Consumer business, particularly in EMEA. Operating Result from Activity (ORFA) fell to €199m, reflecting a drop in profitability. The company anticipates stable sales and an operating margin target of 8% to 8.5% for the year while addressing supply chain tensions through inventory management.

Luckin Coffee (OTC: LKNCY) reported a remarkable 89.5% rise in net revenues, totaling RMB2,404.6 million (US$379.3 million) for Q1 2022. This growth was driven by a 9.2% increase in store count, with 556 new stores opened, leading to a total of 6,580 stores. Self-operated store revenues increased by 66.2%, achieving a first-ever quarterly operating profit of RMB16.1 million (US$2.5 million). Despite pandemic challenges, the company maintained a strong customer base of 16 million transacting customers, with a 41.6% same-store sales growth.

Luckin Coffee (OTC: LKNCY) announced changes to its Board of Directors on May 20, 2022, adopting a new two-year term limit for directors to enhance corporate governance. The resignations of two directors, Wai Yuen Chong and Gang Wu, were accepted, while four new directors were appointed: Weihao (Michael) Chen, Jun Liu, Qianli Liu, and Shaoqiang (Gary) Liu. The updated board now consists of nine members, aiming to leverage their diverse expertise for Luckin’s long-term growth and value delivery to shareholders.

Luckin Coffee (OTC: LKNCY) is set to release its first quarter 2022 financial results on May 24, 2022, before U.S. market opening. A conference call to discuss these results will take place on the same day at 8:00 am Eastern Time. Investors can register in advance to receive dial-in details. A replay of the call will be available through May 27, 2022. Luckin Coffee, founded in 2017, aims to create a top-tier coffee brand through a technology-driven retail network, focusing on quality and convenience for customers.

Groupe SEB reported solid first-quarter sales of €1,915m, a 3.4% increase compared to 2021, driven by a 0.4% organic growth despite challenges like the Russia-Ukraine conflict and COVID restrictions. The Operating Result from Activity (ORFA) was €140m, down from €198m year-on-year. Net debt rose to €1,850m, reflecting supply chain issues. The Consumer business grew modestly by 2.2%, while Professional sales surged by over 20%. The company maintains its outlook for 2022, aiming for sales growth and increased operating results.

Luckin Coffee (OTC: LKNCY) has appointed BDO China Shu Lun Pan Certified Public Accountants LLP as its new independent registered public accounting firm for the fiscal year ending December 31, 2022, effective immediately. This decision was authorized by the audit committee of the Board of Directors. BDO replaces Centurion ZD CPA & Co., which will assist in the transition to ensure continuity in auditing services.

Luckin Coffee Inc. (OTC: LKNCY) has filed its annual report on Form 20-F with the SEC for the fiscal year ended December 31, 2021. The report contains audited consolidated financial statements prepared under U.S. GAAP and is available on both the SEC's website and Luckin Coffee's investor relations site.

The company emphasizes its commitment to transparency and provides insights into its performance, future business strategies, and potential risks. This filing marks an important step in Luckin's ongoing efforts to stabilize and grow its operations in the competitive coffee industry.

Luckin Coffee Inc. (OTC: LKNCY) has successfully completed its financial restructuring and emerged from Chapter 15 bankruptcy proceedings as of April 8, 2022. The company expressed confidence in its potential for long-term growth and profitability. Dr. Jinyi Guo, CEO, thanked stakeholders for their support and emphasized the company's commitment to improving governance and service quality. The restructuring was recognized by the Bankruptcy Court, marking the closure of its U.S. bankruptcy processes. Luckin Coffee is no longer subject to bankruptcy proceedings in any jurisdiction.

Luckin Coffee (OTC: LKNCY) reported a remarkable 80.7% increase in fourth quarter net revenues, totaling RMB2,432.7 million (US$381.7 million) compared to RMB1,345.9 million in Q4 2020. For fiscal year 2021, net revenues surged by nearly 100% to RMB7,965.3 million (US$1,249.9 million). The company opened 353 new stores in Q4, achieving a total of over 6,000 stores across China. Store level profit margin improved significantly to 20.9%. However, GAAP operating loss was RMB120.8 million (US$19.0 million), a notable reduction from the previous year.