Luckin Coffee Beats Starbucks in China for First Time

What’s new: Luckin Coffee Inc.’s revenue in the second quarter surpassed Starbucks’ sales in China for the first time as its stores continued to outnumber those of the American coffee giant.

The Xiamen-based fast-coffee chain Tuesday reported revenue of 6.2 billion yuan ($862 million) for the second quarter, an increase of 88% from the same period a year ago.