MILAN — Starbucks on Thursday reported a 21% profit decline for its UK, as higher costs more than offset modest revenue growth. The company said foot traffic at its cafés declined in a downbeat economy and as consumers want coffee delivered to their homes or desks. It also blamed store closures and higher wages for the disappointing performance.
The United Kingdom is Starbucks’ sixth-biggest market by number of stores (994 in total), behind the United States, China, Canada, Japan and South Korea.
The company’s British store arm lost 17.2 million pounds (about $22 million) in the year ended September 2018, after a profit of 4.6 million pounds a year earlier, according to a filing Thursday.
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