Why Shares of Luckin Coffee Are Higher Today
Shares of Luckin Coffee (NASDAQ: LK) spiked more than 13% on Wednesday after the coffee chain reported a smaller-than-expected loss and surging sales. The company continues to open stores at an impressive pace as it builds out its footprint in its native China.
Luckin, which held its initial public offering in May, on Wednesday reported a third-quarter adjusted loss of $0.32 per share, better than the $0.37 loss analysts had expected. Revenue, at 1.493 billion yuan ($208.9 million), was $3 million shy of consensus but up 558% year over year, and average monthly total items sold climbed 470% from the same three months of 2018 to 44.2 million.
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Source Fool.com
