China’s Luckin Coffee is watering down its strategy, suggesting wavering confidence in its original plan. Whether or not its tweaks make it profitable, it still tastes like the world’s most overpriced coffee chain. petesweeneypro
Luckin Coffee on Aug. 14 posted a bigger than expected quarterly loss in its first results as a public company. Operating loss was 690 million yuan, compared to 343 million yuan in the second quarter of 2018.
Net revenue surged more than sevenfold to 909 million yuan in the quarter ending in June. Operating expenses surged more than three times, as it opened 593 new stores taking its total to 2,963. The company projects net revenue between 1.35 billion yuan and 1.45 billion yuan in the next quarter ending in September.
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