---
type: "Topics"
locale: "en"
url: "https://longbridge.com/en/topics/40285207.md"
description: "Luckin Coffee 1Q26 First Take: Despite rapid store adds, revenue held up well and slightly beat. The drag remains the old issue: a higher delivery mix kept pushing up fulfillment costs, delaying margin release.1) Q1 revenue grew 35.3%. On SSSG, same-store sales were roughly flat YoY and decelerated slightly vs. Q4. Dolphin Research believes reduced delivery subsidies led to a modest dip in same-store cup volume.2) Store expansion remained aggressive, with 2,548 net new stores in Q1, including 17 overseas (Singapore 1, Malaysia 13, U.S. 3). The expansion pace hit a Q1 record. Penetration into lower-tier markets accelerated, reaffirming management's 'share before profit' strategy.3) Although global coffee bean prices stayed elevated, Luckin partially hedged input pressure via origin direct sourcing and long-term procurement agreements. A higher mix of non-coffee beverages also diluted bean-cost exposure. As a result, GPM was flat YoY.By expense line, delivery remained the biggest drag, up 48% YoY, with its sales ratio jumping from 7.8% to 10.9%. While lower than 25Q4's 12.8%, it is still well above the pre-delivery-war norm of 7–9%. Non-GAAP OPM came in at 7.5%, down 220bps YoY. $Luckin Coffee(LKNCY.US)"
datetime: "2026-04-29T12:24:26.000Z"
locales:
  - [en](https://longbridge.com/en/topics/40285207.md)
  - [zh-CN](https://longbridge.com/zh-CN/topics/40285207.md)
  - [zh-HK](https://longbridge.com/zh-HK/topics/40285207.md)
author: "[Dolphin Research](https://longbridge.com/en/news/dolphin.md)"
---

# Luckin Coffee 1Q26 First Take: Despite rapid store…


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