Luckin Coffee doubles revenue, store count in 2023

The brand has surpassed Starbucks China in annual sales for the first time.

Value-focussed coffee brand Luckin Coffee reported a $3.5b net revenue in the fiscal year 2023, surpassing Starbucks’ annual sales in China for the first time by nearly $350m.

The brand also doubled its coffee outlets in 2023, opening 8,034, including 30 new outlets opening in Singapore.

For the year ending 2023, Lucking Coffee has over 16,248 outlets, which include 10,628 self-operated stores and 5,620 partnership stores.

Starbucks reported a comparable annual sales of $3.16b in China.

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Revenues from self-operated stores in fiscal year 2023 were $2.51b, representing an increase of 82.7% from the fiscal year 2022. Same-store sales growth for self-operated stores in fiscal year 2023 was 21%, compared to 20% in from the year before.

The brand also reported that its average monthly transacting customers in fiscal year 2023 were 48.4 million, representing an increase of 124.1% from 21.6 million in fiscal year 2022.

“I am extremely thankful for all the hard work that has been put forth by the Luckin team over the past year, which has fueled our continued success. Looking forward to 2024, amidst various challenges that may affect our future performance, including the fierce competition in China’s coffee industry and the relatively low seasonal demands such as that in winter, we remain focused on our pricing and expansion strategy to sustain our growth and market share, with a view to delivering long-term value to our customers, shareholders and other stakeholders,” Dr. Jinyi Guo, Chairman and Chief Executive Officer of Luckin Coffee said.