Luckin Coffee Delivers 50% Revenue Jump, Tamps Down Talk of U.S. Relisting

Luckin Coffee Inc. reported a sharp jump in third-quarter revenue, but said it has no clear timetable for relisting on a major U.S. stock exchange, cooling recent speculation about an imminent return to Wall Street.

The Chinese coffee chain said revenue rose 50.2% to 15.3 billion yuan ($2.2 billion) in the quarter ended Sept. 30. Net profit under non-U.S. generally accepted accounting principles (GAAP) standards edged up just 0.6% to 1.4 billion yuan. Same-store sales at self-operated outlets climbed 14.4%, reversing a 13.1% decline a year earlier. Monthly transacting customers surged to a record 110 million.

The strong top-line performance highlights Luckin’s aggressive rebound from a 2020 accounting scandal that triggered its delisting from Nasdaq. The company has since focused on rapid store expansion and heavy discounts to capture market share. But headwinds persist, including intensifying price wars, high input costs and doubts over its prospects for full rehabilitation in U.S. capital markets.