File photo/NBD

Recently, Luckin Coffee and Starbucks have successively released their financial reports for the new quarter, with significant performance improvements in each quarter, and the expansion plans of leading companies have also accelerated accordingly.

On May 3, Starbucks announced its financial report for the second quarter of the fiscal year ending April 2, 2023.

The Chinese market showed a rapid recovery trend, with Starbucks China's net revenue in a single quarter reaching nearly $800 million, a year-on-year increase of 3%.

During the same period, Luckin Coffee also released its financial report for the first quarter of 2023, achieving a single-quarter revenue of RMB 4.44 billion, an increase of 84.5% year-on-year.

The increase in net income was mainly due to the increase in the number of products sold, the increase in the number of operating stores, and the increase in the number of monthly transaction customers.

With optimistic market expectations, leading brands such as Starbucks, Luckin, and others are all accelerating their store openings.

In the second quarter of the 2023 fiscal year, Starbucks China added a net of 153 stores, more than doubling the number of store openings in the previous quarter, with a total of 6,200 stores.

Luckin Coffee added a net of 1,137 stores in the first quarter of 2023, with a total of over 9,300 stores.

Tims Hortons opened 131 stores in the fourth quarter of 2022, with a total of 617 stores, and plans to reach 1,000 stores by the end of 2023.