China
Luckin Coffee now has more locations in China than world market leader Starbucks.
Still unaudited financial results for the first quarter of 2022 have been reported by Chinese coffee bar chain Luckin Coffee. In the first quarter of 2022, the company reportedly increased its net sales by 89.5% and achieved profitability for the first time. In April 2020, the brand made massive headlines as it was revealed that its 2019 financial statements had been falsified by as much as 2.2 billion yuan ($340 million).
Luckin Coffee's net sales for the first quarter ending March 31, 2022, were reportedly around 2,404.6 million yuan ($379.3 million), up 89.5 percent
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