Luckin Coffee posts 35.3% revenue growth to $1.736b in Q1
The increase was mainly driven by a 35.8% increase in gross merchandise value (GMV).
Luckin Coffee reported total net revenue of $1.736b (RMB11.996b), up 35.3% year-on-year (YoY) in the first quarter (Q1) of 2026.
The increase was mainly driven by a 35.8% rise in gross merchandise value, reflecting higher product volumes supported by more stores and a larger base of monthly paying customers.
Revenue from self-operated stores reached $1.243b (RMB8.592b), up 32.6% from a year earlier.
Revenue from partnership stores increased 44.9% to $436.3m (RMB3.015b).
Net income fell slightly to $73.2m (RMB506.1m) from a year ago, with net margin narrowing to 4.2%.
On a non-GAAP basis, net income rose to $99.3m (RMB686.5m), whilst non-GAAP net margin declined to 5.7%.
Comparable-store sales for self-operated outlets were essentially flat, down 0.1%, reversing a 9.2% increase in the prior-year period.
Profitability at the store level for self-operated locations rose to $169.2m (RMB1.169b), up 5.9% YoY, though the margin slipped to 13.6% from 17%.
Earnings per ADS were unchanged at $0.24 (RMB1.60) on both a basic and diluted basis compared with the same period last year.
The company opened 2,548 net new stores during the quarter, including 2,531 in China (including Hong Kong), one in Singapore, 13 in Malaysia, and 3 in the US.
The total store count reached 33,596 at the end of the quarter, up 8.2% from the previous quarter-end, with 21,807 self-operated and 11,789 partnership locations.
