In China’s battle of the lattes, Luckin Coffee keeps beating Starbucks
CNN
Luckin Coffee, the Chinese chain that became mired in a fraud scandal and was delisted from the Nasdaq four years ago, has reported a commanding sales lead over rival Starbucks in the important China market.
Luckin Coffee, the Chinese chain that became mired in a fraud scandal and was delisted from the Nasdaq four years ago, has reported a commanding sales lead over rival Starbucks in the important China market. In 2023, Luckin generated total net revenue of 24.9 billion yuan ($3.5 billion), up 87% from a year earlier, according to its financial results released on Friday. It didn’t break down its revenue by geography, but the vast majority of its sales come from China. Internationally, it has only 30 outlets in Singapore, the first of which debuted last March. Starbucks (SBUX), in comparison, reported total revenue of $3.05 billion in China for fiscal 2023 that ended October 1, according to a CNN calculation based on the company’s quarterly results. The Xiamen-based company said its unaudited net income for 2023 reached 2.85 million yuan ($401,000), compared to 488,246 yuan ($67,830) in 2022, it said. Luckin, which already calls itself China’s biggest coffee chain, says it had surpassed Starbucks in mainland China by number of outlets in 2019.
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