Luckin Coffee reports surge in quarterly revenue

(Reuters) – China’s Luckin Coffee Inc (LK.O) reported a more than six-fold increase in quarterly revenue on Wednesday, as the Starbucks Corp (SBUX.O) 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.

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