Luckin Coffee Inc. reported higher-than-expected sales in the third quarter as the Chinese Starbucks rival continues to chase its goal of becoming the country’s largest coffee chain.
Its shares rose 13% on Wednesday after the company posted revenue of 1.5 billion yuan ($215.7 million), up more than sixfold from a year before. It reported a widening loss of 531.9 million yuan, 9.7% greater than a year earlier.
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