Luckin Coffee’s annual net income soared more than fivefold on the back of higher sales amid new store openings.
The company’s attributable net income soared 483.3 per cent to 2.8 million yuan (US$389,000) while revenue surged 87.3 per cent to $3.5 billion.
Its net new store openings last year stood at 8034, including 30 new store openings in Singapore. This brings the company’s total store count to 16,248 at the end of the year.
Revenue from product sales increased 82.7 per cent to $2.6 billion while revenue from partnership stores rose 102.8 per cent to $876.9 million.
“The number of Luckin Coffee stores doubled from the previous year, reaching a new record high, and reinforcing our position as the coffee chain brand with the largest number of stores in China,” said Jinyi Guo, chairman and CEO of Luckin Coffee.
Meanwhile, Luckin Coffee announced that its SVP Gang Wu will be leaving the company effective end of March.
The brand expanded into Singapore last year, marking Luckin Coffee’s second attempt at international expansion after India and the Middle East/North Africa.
