Luckin Coffee Launches First-Ever $300 Million Buyback as Same-Store Sales Turn Negative; Q1 Revenue Jumps 35% as Stores Top 33,000
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Luckin Coffee has launched a $300 million buyback. The company's first-quarter revenue increased by 35% and it now has more than 33,000 stores, but same-store sales have turned negative. This combination of financial results and store expansion suggests a mixed quarterly performance for the company.