Apr 13, 2017

Starbucks says Brexit vote partly behind UK profit fall

The company said its profit before tax in the UK fell 61% to £13.4m in the year to 2 October. Starbucks' corporate tax bill was also down from £8.4m to £6.7m. The company has faced heavy criticism for the amount of tax it pays in the UK. "Starbucks in the UK has experienced significant economic and geopolitical headwinds this year which affected sales, including slowing economic growth, [the] impact of Brexit and ongoing security security concerns contributing to weakening consumer confidence," Starbucks said. In November, the coffee chain reported record annual profits on a global basis, but that was mainly down to a big rise in sales in the Americas.

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