Consumer
Luckin Surpasses Starbucks in China Annual Sales For First Time
- Coffee chain registered $3.45b annual sales after strong 4Q
- Firm expands rapidly as consumers opt for cheaper alternatives
A Luckin Coffee store in Beijing.
Photographer: Wang Zhao/AFP/Getty ImagesThis article is for subscribers only.
Luckin Coffee Inc. became China’s dominant coffee chain last year, outpacing the nation’s previous leader Starbucks Corp. in annual sales for the first time.
The Xiamen-based company posted quarterly net revenue of 7.06 billion yuan ($980 million), representing an increase of 91% from a year ago in a growing and increasingly competitive China market. Net income rose over four times year on year to 296.4 million yuan in the same period.