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Starbucks Is Losing Money In The U.K.

From: bloomberg.com

Starbucks Corp. reported an annual loss in its U.K. operations, saying foot traffic at its cafes declined in a downbeat economy and as consumers want coffee delivered to their homes or desks.

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.

The shares were little changed in early New York trading.

Starbucks took a 20 million-pound hit related to renegotiating leases and closing unprofitable stores in the U.K., where a shift to e-commerce and a fall in consumer confidence amid political uncertainty over Brexit have deepened a retail crisis.

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