Home Business News Starbucks UK plummets into loss

Starbucks UK plummets into loss

by LLB Reporter
28th Jun 19 9:46 am

Starbucks UK has plummeted into loss due to cost increases and store closures; this is the first time the coffee chain has seen annual losses since 2013.

Despite posting losses the coffee retailer saw tax bills rise for the year, last year the firm saw their corporation tax bill soar by 22.9% to £4m.

Pre-tax losses plunged to a loss of £17.2m in the year to September to 2018, compared to £4.5m profit the previous year.

Starbucks said losses were impacted by “generally low” consumer confidence along with “very challenging” high street conditions.

Martin Brok, president of Starbucks Europe, Middle East & Africa said, “Doing business in EMEA continues to be challenging for Starbucks.

“From the changing consumer landscape to high rents and political uncertainty, there are ongoing pressures across the region.”

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