Battle with Starbucks sours Luckin’s results
Chinese coffee seller has gone toe-to-toe with US rival and is offering cut-price alternatives
14 August 2019 - 15:09
BEIJING — Luckin Coffee posted a bigger-than-expected quarterly loss in its first results as a public company, hurt by soaring costs as it opened stores at a rapid clip and invested aggressively to take on Starbucks.
Luckin's US-listed shares, which have gained about 44% from its May initial public offering (IPO) price, fell 6.5% to $22.95 in pre-market trading on Wednesday...
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