Scandal-Dogged Luckin Coffee Turns First Ever Operating Profit

Luckin Coffee Inc. says it made its first ever operating profit in the first quarter, two years after the wannabe Starbucks challenger delisted from the Nasdaq for faking hundreds of millions of dollars of revenue.

Luckin earned 19.8 million yuan ($3 million) in net profit in the period, reversing a loss of 232.5 million yuan a year earlier, and revenue soared 89.5% year-on-year to 2.4 billion yuan, according to a quarterly earnings report released Tuesday.