The premium tea chain’s revenue rose 10.5% in the second quarter, as it entered the U.S. with its first store in Los Angeles
Premium tea chain operator Chagee Holdings Ltd. (NASDAQ:CHA) reported double-digit revenue and GMV growth in the second quarter, as it continued its aggressive expansion both at home and abroad, including the opening of its first U.S. store in Los Angeles.
At the same time, the company felt the effects of fierce competition in its home China market, which showed up on its bottom line with flat quarterly growth for its adjusted profit. Chagee raised more than $400 million in its Nasdaq IPO in April, becoming the largest new listing by a Chinese company on Wall Street this year.
The company generated revenue of 3.33 billion yuan ($467 million) in the second quarter, up 10.2% from 3.02 billion yuan a year earlier. Its gross merchandise value (GMV) rose by a faster 15.5% year-on-year to 8.1 billion yuan, as its store count reached 7,038 by the end of June, up …