BREAKING NEWS

Luckin Coffee reports surge in quarterly revenue

Luckin Coffee reports surge in quarterly revenue
FILE PHOTO: A cup of 'Luckin Coffee,' coffee is poured during the company's IPO at the Nasdaq Market site in New York, U.S., May 17, 2019. REUTERS/Brendan McDermid -
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BRENDAN MCDERMID(Reuters)
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(Reuters) – China’s Luckin Coffee Inc <LK.O> reported a more than six-fold increase in quarterly revenue on Wednesday, as the Starbucks Corp <SBUX.O> rival rapidly opened stores and pulled in new customers.

Net loss attributable to the company’s shareholders widened to 531.86 million yuan (£59.43 million) in the third quarter ended Sept. 30, from 484.93 million yuan a year earlier.

Total net revenue rose 540% to 1.54 billion yuan.

(Reporting by Uday Sampath in Bengaluru; Editing by Sriraj Kalluvila)

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