Shares of China’s Starbucks rival Luckin Coffee closed up 13% on Wednesday after the company reported better-than-expected sales in the third quarter of this year.
The Xiamen-based coffee chain, which went public on the Nasdaq in May, posted revenue of 1.5 billion yuan ($215 million) in the three months through September, up more than six times from the same period last year. It reported a widening loss of 531.9 million yuan, which was 9.7% greater than its loss over the same period a year earlier.
Founded in October 2017, the chain had 3,680 stores across China by the end of September. Luckin previously said it aims to have 4,500 stores by the end of this year, surpassing Starbucks to become the largest coffee chain in China. Starbucks currently has more than 4,000 stores in the country.
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Contact reporter Tang Ziyi (firstname.lastname@example.org)