would your welcoming start for as new our like I Welcome Thank you, Luckin to An call. kind Officer Ms. Coffee. thank words. of Jinyi, you today’s Chief by to everyone today and also Financial
was very and executive Strategy the an of team, a right ensure wealth opportunity I in our she I privileged the with finance move level. my her appointment incredibly accounting lead given of to new experience, lead is to working Board, as responsibilities an offshore role experience finance her of that at XX An of bring years feel company’s Luckin management and team our completed. brings as I our the of transition shareholders Coffee. for Chief Coffee successfully Ms. I which going to reorganization into management our forward on the and as and finance the with smooth and as time and Ms. excited corporate together to Officer. to all An closely over exact been to to both would like trust functions restructuring, team now And Jinyi, person believe higher forward thank financial comes caliber have well Board, We’re support. finance have to their I our and Luckin even look I evolution. a our right
and employees Luckin and outstanding work. our who compliance, shown internal Our finance, continue exceptional deliver including and perseverance legal audit, dedication, day, hard every to controls Relations teams, internal have Investor
have been think achieved know on a am. I be certainly For I has together, this challenge. of all that of know us we can journey so have it great incredibly we we I what been proud But far.
now Luckin back will company the growth believe that to long-term significant path of our to we we focusing In Now in on strength, now a execution Like in on milestones, Strategy China performance. we leading I would on principally position as the reaching and a Luckin helping Coffee’s strategy. impact growth towards to like business. my provide market the to the opportunities current planning, turn the had. will context quarter, strive execute opportunities with sustainable place in more support identify long-term capital QX growth, our last in Chief company and situation important some I Coffee strategic is COVID-XX role of I and Officer, continue
the that The continue And by visibility on affected we our pressures foreseeable outstanding of impact we temporary on provide this May pandemic-related we for to COVID-XX lack company July. in guidance from the starting are closures of environment means be results to has operations in lessened, daily XXX results. market have to and earlier, the of quarter ‘XX, future. number quarter, substantial. this of during at encouraging yet was operational daily the negative operating had second time. the of this the Shanghai to perspectives, financial impact in store as during Despite During nonetheless and decreased XXX will restrictions Jinyi the improvements, our forward-looking under lifting closures anticipate headwinds, these unclear further providing month some the pandemic able Despite just just any particular, not of pandemic-related and and another mentioned deliver April second gradually XXX during follow an X. and uncertain we June around even been store over COVID-XX-related To average and these financial June negatively reduced temporary the quarter
the of quarterly Here highlights. are some
a of profit line XX% reported growth. strong store operating more net And our the to compared last top margin last was over revenues, last billion RMBX.X of We both also year. formats period than reported same improvement compared quarter. increase year and to Our X%, material of reported an
stores supported product innovative self-operated by Our reported the highlighted almost sales by Latte. of XX% same-store over grew and XXX%. strategy, strong development growth due our products and This by Coconut is partnerships for Cloud very success demand of our our to
quarter, an acquired high, almost average of in an the We also increase record as transacting substantial to than close quarterly million XX new growth monthly in more as in a customers. XX We the to saw customers customers transacting XX% increase year-over-year. million, well
our our our clearly momentum, demonstrate We believe, validates are further and we pleased very as these results with model. strong business
growth, store we of strongest to for the to of stores months, ever-growing a benefits the significant our summer provide quarter footprint an X,XXX stores, in which products demand close anticipation new meet month. acceleration us of the which are XXXX, terms scale. have of and In compared opened our of with first now as XX, net to June XXX nationwide We seasonally
mix, we tier lower In entered cities. XX terms opened of and into net partnership new stores XXX new store
lower-tier opened cities. stores net our stores, entered three and XXX we For self-operated new into new
I we during profile in quarter. further mentioned As second earlier, a material the saw profitability improvement our
our a inception the margin our and highest in over second the our period achieved the achieved level achieved This level for since notable store strong XX% a is to of we XX.X% seasonally margin Specifically, last stores in store compared self-operated improvement quarter. year. have we same
do not profitability. disclose any we stores, partnership For our on metrics
contributors seen by increased XXX% earlier today, contribution quarter. revenue profit, year-over-year revenue partnership revenue in the profit-sharing, and the filed RMBXXX be breakdown our the as store partnership to one from million during of X-K to However, can from
In expenses, terms also of benefits favorable of to due our overhead are scale. trends the
million expenses continued Our in which increased general RMBXX reflects around our investment administrative business. and year-over-year, by our
these percentage we we same to last spend million delivery commission more However, revenue, quarter, decreased for platforms. as marketing impact expenses and RMBXX this and expenditures. free our as fees from If our year compared on by a XX% year advertising remove third-party XX.X% QX of of increased spending to to cups, last in sales the we
expect mentioned support this to I we quarter. percentage QX of percentage decrease, organization decreased call. over As if point And our growth. to further future is deliver in There other two these we out last to this current expenses on a currently coming as growth. years, revenues these from to built I revenues, as a like quarter, expenses of can to X.X% And the would are our X.X% continue areas year last
in consumers, at and for coffee is which early growth serve benefit quarter. see machines. from huge we Express Chinese we an assets which we filed the during net coffee can potential, of booked final the a more you not impairment still believe loss analysis to mature million, impairment X.X% cost long-lived impairment our of of relates coffee Coffee revenues needs of as First, In the our we take RMBXXX.X term, phase, is time. today, This short operations, market store the earlier mainly unmanned does Luckin the this around an Luckin And more and full up time. to which machines development stack of X-K believe Express will compared have
the model financials from the will limited market impairment. we operations of the scale monitor business our some reach resulting foreseeable on do select Apart given continue expect further minimal profitability in cities, impact this the and these the future, machines Although, demand, impairment, not to business. is we optimize full to a operate in in
the expenses since with reduction and of to line in completed expectations, further provisional been a in Islands the XXXX. related of restructuring the losses was and March there’s Cayman company Secondly, the liquidation in
the our before our balance liquidity, impact financial litigation U.S. and brief sheet Now and I discuss the on statements. update on of first a Securities their status
the potential we’ve federal court make exposure, received The majority securities the during call, final $XXX XXXX, all this account million earlier from flow, in our substantial in to in which and reflected million, have obligations positive latest which the able opt-out to on litigants of our company’s litigation. substantial funded in outstanding provision operating to after our USDXX action X-K. just Jinyi class. also cash filed the July resolving under progress settlement our at stripping we of overseeing which position, federal is XX. flow escrow we resolved which made litigation, is And If therefore, million, we million securities payment As settlement, in into an progress a federal the cash were the the approval We over mentioned the case an quarter, out of RMBXXX resolving class the had second fulfilled operating June XX, remaining settlement. in on prior U.S. is for overwhelming increase demand reflected our quarter, equity look cash as during $XXX the
quarter, Our compared settlement operating million. to the under by than payment, the expenditures covers amounted quarter which cash same the and just during more RMBXX our XX% excluding to flow, last increased capital easily year
the Following with cash June XX, our of federal billion strong, the to settlement, very close cash as and RMBX.X equivalents XXXX. of remains cash class of position payment
sheet. business my my concluding to we structure. can new to at Head role, together joined it over as with forward Jinyi requirements your Coffee. continuing trust further I’ll ongoing prepared have who the Q&A. you turn to Guo, of of our our [Foreign for Relations liquidity that and to today. remarks, then ensure And Luckin shareholders in dialogue all Alicia we’ll support. our remarks Language] now and for recently Thank have review look I all us we’ll Investor ends to healthy optimize We basis needs on meet a for continue That continue to an balance And our capital and
