June 27, 2019 / 7:29 PM / 5 months ago

Starbucks UK gross profits fall 21% in 2018

    NEW YORK, June 27 (Reuters) - The UK division of Starbucks
Corp          on Thursday reported a 21% profit decline in the
fiscal year ended Sept. 30, 2018, as higher costs more than
offset modest revenue growth.
    
    * Starbucks UK's gross profits fell to 56 million pounds in
the year, the company said in a statement. Revenues rose by 4.1%
in the period.
    * "Combined with a 7% rise in administrative expenses
resulting from one-off charges relating to the renegotiation of
leases, store closures, higher distribution and payroll costs,
resulted in a loss of £17.2m during the period," the company
said. 
    * Starbucks UK paid 4 million pounds in corporation tax
during the year, up from 3.3 million pounds in 2017.

 (Reporting by Ayenat Mersie; Editing by Richard Chang)
  
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