Starbucks blames U.K. slowdown on Brexit

|About: Starbucks Corporation (SBUX)|By:, SA News Editor

Starbucks (SBUX +0.1%) blames a good chunk of its fall in U.K. profit on Brexit and ongoing security concerns.

The company reported a 1% gain in like-for-like sales for the 53-week period ending last October 2. Pre-tax profit was down 61% Y/Y.

The disclosures were made as part of a 27-page filing by the company in the U.K.

"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," says Starbucks top exec in Europe.

Starbucks Coffee U.K. filing (.pdf)