Starbucks UK Delivers Third Straight Year of Profit
Starbucks UK reported the following results for the 53 week period ended 2 October 2016:
Financial Highlights:
- Profit before tax of £13,382,364
- Like for like sales up 1.0%
- UK corporation tax expense of £6,718,880
Operational Highlights:
- Continued progress reshaping the UK store portfolio to build a leaner and more efficient business
- Investment in improved, lighter food options including new seasonal fresh fruit pots, salads and wraps
- Raised all store partner (employee) wages, regardless of age, to National Living Wage and offered the first private company’s rental home deposit loan programme to partners
"It is thanks to the hard work of our partners all around the country that we have recorded a UK profit for the third straight year," said Martin Brok, president, Starbucks Europe, Middle East and Africa (EMEA). "Whilst there are undoubted challenges presented by a more cautious consumer environment, lower high street footfall, and adverse currency impacts, we are investing significantly to drive innovation in our food and coffee offering, and are greatly encouraged by our customers’ response. We also continue to focus on strategically remodelling our store portfolio to reflect changing customer demands. The UK remains one of the most important EMEA markets for us and we will continue to grow where our customers want to find us.”
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