Luckin Coffee posts first annual profit in 2022

Luckin Coffee posts first annual profit in 2022

A customer exits a Luckin Coffee outlet in Beijing, China, on Tuesday, Jan. 15, 2019. Photographer: Gilles Sabrie/Bloomberg

Starbucks challenger Luckin Coffee Inc. turned a full-year operating profit for the first time in 2022, despite being hit by Covid-19 lockdowns in the fourth quarter.