Luckin Coffee Inc (LKNCY) has released an update.
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Luckin Coffee Inc. has reported significant growth in the first quarter of 2024, with a 41.5% increase in net revenues reaching RMB 6,278.1 million and a doubling of average monthly transacting customers. The company expanded its operations by opening 2,342 net new stores, totaling 18,590 stores across China, including new international outlets in Singapore. Despite a challenging market with increased competition and seasonal headwinds, the company’s expansion has led to a surge in customer base and further established its presence in the coffee industry.
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