Luckin Coffee Opens A New Store on Average Every 1.9 Hours
Recently, Luckin Coffee released its Q1 2023 financial report. The report shows that Luckin Coffee achieved a total net revenue of RMB 4.437 billion (USD 640 million) in the first quarter of this year, an increase of 84.5% year-on-year.
The net profit of Luckin Coffee under US GAAP was RMB 565 million (USD 82 million), an increase of more than 27 times year-on-year.
In addition, 1,137 new stores were added, bringing the total number of stores close to ten thousand. As of March 31st, Luckin Coffee has 9,351 stores nationwide, including 6,310 self-operated stores and 3,041 joint venture stores.
According to the current store opening speed (1,137 new stores added in the first quarter, with an average of one new store opened every 1.9 hours), Luckin Coffee is expected to achieve a total number of stores exceeding 10,000 by the end of the second quarter, further consolidating its leading position in terms of store scale.
At the user level, Luckin Coffee had an average of approximately 29.49 million transaction customers per month in the first quarter, a year-on-year increase of 84.6%.
SEE ALSO: Luckin Coffee Opens Two Stores in Singapore
As of March 31st, Luckin Coffee’s cumulative consumer base reached 150 million and its number of consumer customers exceeded 30 million in March, reaching a historical high.
Since 2023, the popularity of Luckin Coffee’s coconut latte has not diminished. On the occasion of its two-year anniversary in April this year, sales exceeded 300 million cups.
The limited edition spring drink “Biluochun Latte” launched on March 6th achieved a sales volume of 4.47 million cups in its first week. From April 10-16, the new product “Iced Coconut Latte” broke through 6.66 million cups in its first week.