Luckin Coffee Inc. (LKNCY.US) said on Tuesday its revenue rose 41.2% year-on-year to 8.87 billion yuan ($1.22 billion) in the first quarter of 2025, as it returned to profitability and same-store sales growth after a year of contraction in 2024.
The coffee store operator said it opened a net 1,757 new stores during the first quarter, raising its total by 7.9% from the end of 2024 to 24,097 at the end of March this year. Of that total, 15,598 stores were self-operated, while the remaining 8,499 were franchised. Revenue from its self-operated stores rose 41.5% year-on-year to 6.48 billion yuan, accounting for about three-quarters of its total.
Same-store sales for the company’s self-operated stores rose 8.1% during the quarter, returning to growth after four consecutive quarters of contraction, including a 20.3% drop in the first quarter of 2024. As its situation improved, the company returned to the black with a profit of 525 million yuan during the quarter, reversing a net loss of 83.2 million yuan a year earlier.
Luckin shares fell 2.6% on Tuesday. The stock is up nearly 40% this year.
By Doug Young
To subscribe to Bamboo Works weekly free newsletter, click here
