Luckin Coffee‘s first-quarter revenues surged 41.5 per cent year on year to US$869.5 million, driven by the higher number of products sold and new store openings.

The coffee chain added 2342 net new stores during the period, including two openings in Singapore, bringing the total store count to 18,590 by the end of March.

Revenues from product sales climbed 44.5 per cent to US$660.7 million while revenues from partnership stores jumped 32.8 per cent to US$208.9 million.

“While continuously resonating well with our existing base, we also demonstrate our ability to attract new customers by adding 22.9 million new transacting users in this quarter,” said Jinyi Guo, Luckin Coffee chairman and CEO.

“In addition, the launch of production at our new Jiangsu Roasting Plant marked another important milestone for the Company, which further cements our leading position in China.”

The company’s self-operated store revenues increased 45.8 per cent to US$634.3 million. However, same-store sales growth for self-operated stores was negative 20.3 per cent.

Meanwhile, average monthly transacting customers soared 103.2 per cent to 59.9 million.