Home
Business
Metro
Nation
World
Sports
Feature
Opinion
View more »Opinion Columns
Wan LixinOpinion deputy editor of Shanghai Daily
Fulsome tribute to supervisor in paper draws ire
On extending employment benefits to gig workers
Sunday
- Subscribe
Discounts hurt Luckin revenues
Print Edition
Chinese coffee chain Luckin reported wider losses in the second quarter after it offered deep discounts to woo new customers.
Shares in the Nasdaq-listed company shed the most on Wednesday since its listing in May, dropping by more than 16 percent to US$20.44.
Net loss doubled to 681.3 million yuan (US$99.2 million) compared with 333 billion yuan a year ago. After adding 593 new locations during the quarter, revenue jumped seven-fold to just over 909 million yuan when it posted the first earnings report since its IPO.
The second-largest coffee chain in China said its average monthly paying customers jumped four-fold to around 6.2 million as it introduced new lines of tea for those not interested in coffee. It said it expects to break even at every store during the third quarter.
In the second quarter, advertising and other expenses added 119 percent to 390.1 million yuan as it entered new cities. Over 90 percent of Luckin’s 2,963 stores are pick-up venues with limited dine-in space.
- About Us
- |
- Terms of Use
- |
-
RSS - |
- Privacy Policy
- |
- Contact Us
- |
- Shanghai Call Center: 962288
- |
- Tip-off hotline: 52920043
- 沪ICP证：沪ICP备05050403
- |
- 网络视听许可证：0909346
- |
- 广播电视节目制作许可证：沪字第354号
- |
- 增值电信业务经营许可证：沪B2-20120012
Copyright © 1999- Shanghai Daily. All rights reserved.Preferably viewed with Internet Explorer 8 or newer browsers.
