Luckin Surpasses Starbucks in China Annual Sales For First Time

(Bloomberg) — Luckin Coffee Inc. became China’s dominant coffee chain last year, outpacing the nation’s previous leader Starbucks Corp. in annual sales for the first time.

The Xiamen-based company posted quarterly net revenue of 7.06 billion yuan ($980 million), representing an increase of 91% from a year ago in a growing and increasingly competitive China market. Net income rose more than four times year on year to 296.4 million yuan in the same period.