November 13, 2019 / 11:10 AM / 24 days ago

Luckin Coffee reports surge in quarterly revenue

Nov 13 (Reuters) - China’s Luckin Coffee Inc reported a more than six-fold increase in quarterly revenue on Wednesday, as the Starbucks Corp rival rapidly opened stores and pulled in new customers.

Net loss attributable to the company’s shareholders widened to 531.86 million yuan ($76.04 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.

$1 = 6.9941 Chinese yuan renminbi Reporting by Uday Sampath in Bengaluru; Editing by Sriraj Kalluvila

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