Starbucks UK suffers £35.2m pre-tax loss in 2024
The company said it will focus on ‘regaining momentum. ’
Starbucks UK reported a loss before tax of £35.2m ($45.19m) for the financial year ending 29 September 2024.
Total revenue was £525.6m ($674.82m), a decrease of 4% from last year. The group attributed the decline in revenue to various macroeconomic and consumer headwinds. This was also coupled with inflationary pressures from commodities such as dairy and cocoa and investment in its partners’ (staff) wages.
However, the company said that despite this, it opened 100 new stores for the period.
“We are focused on regaining momentum by strengthening and scaling how we integrate technology across the business, building on the popularity of our Starbucks Rewards program, and further optimising our menu to ensure we continue delivering on our core offering every time,” Duncan Moir, President Starbucks Europe, Middle East and Africa said.
The brand announced that it plans to open 80 shops in the UK in FY2025, focusing more on smaller store format innovations in town locations, drive-thrus, and high-traffic-count locations across the UK.
