1217 ET - Chinese company Luckin Coffee reported a decline in adjusted operating income and store-level operating profit margin for the shops it runs in 2Q compared to last year. The Starbucks competitor in China said that lower prices contributed to the declines. The Chinese coffee market, which Starbucks once dominated, has become increasingly competitive. Starbucks reports 3Q earnings later Tuesday. Luckin shares are down 7.8%. (heather.haddon@wsj.com; @heatherhaddon)
(END) Dow Jones Newswires
July 30, 2024 12:17 ET (16:17 GMT)
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