August 14, 2019 / 10:15 AM / a month ago

Starbucks China rival Luckin sales surge in first results since IPO

Aug 14 (Reuters) - Luckin Coffee Inc reported a more than seven-fold jump in quarterly revenue on Wednesday, in its first earnings report as a public company, as the Chinese challenger to Starbucks Corp rapidly opened new stores in its home market.

Net loss attributable to the company’s shareholders widened to 1.21 billion yuan ($172.5 million) in the second quarter ended June 30, from 1.13 billion, a year earlier as the company aggressively invests to overtake Starbucks this year as the largest coffee chain by number of outlets in China.

Total net revenue rose to 909.1 million yuan from 121.5 million yuan. ($1 = 7.0154 Chinese yuan renminbi) (Reporting by Uday Sampath in Bengaluru and Pei Li in Beijing; Editing by Sriraj Kalluvila)

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