Starbucks announces 100 new outlet roll-out in the UK
As part of an investment initiative for all of Europe, Starbucks has revealed intentions to open 100 new outlets in the UK over the next 12 months.
The US coffee business, which already has just over 1,000 locations in the nation, said that as part of the £30 million investment, it also plans to finish renovating its retail estate over the following three years.
The success of the drive-through and online channels was anticipated to be built upon by the new outlets.
After considering a sale last year, the company's statement will be interpreted as a firm commitment to its UK operation, its largest within Europe and which is dominated by franchisees.
While declaring that revenues had returned to pre-pandemic levels during its fiscal year ending on October 22, it disclosed the investment.
Starbucks reported overall revenues of £449.3 million, a 37% increase over the same period last year. However, operational earnings fell by almost a third to £12.6 million.
It noted that staff pay rises and other inflationary pressures were mostly responsible and left profit before tax at £10.4m compared to £13.3m 12 months previously.
It reduced its corporate tax payment from £5.4m to £4.6m.
"Innovation remains vital to Starbucks ability to fulfil our customers' shifting requirements, and we're investing in our digital channels and exploring new store formats like digitally forward smaller locations and Drive Thrus," said Duncan Moir, president of Starbucks Europe, Middle East, and Africa (EMEA).
As part of an investment initiative for all of Europe, Starbucks has revealed intentions to open 100 new outlets in the UK over the next 12 months.
The US coffee business, which already has just over 1,000 locations in the nation, stated that as part of the £30 million investment, it also plans to finish renovating its retail estate over the following three years.
The success of the drive-through and online channels was anticipated to be built upon by the new outlets.
After considering a sale last year, the company's statement will be interpreted as a firm commitment to its UK operation, its largest within Europe and which is dominated by franchisees.
While declaring that revenues had returned to pre-pandemic levels during its fiscal year ending on October 22, it disclosed the investment.
Starbucks reported overall revenues of £449.3 million, a 37% increase over the same period last year. However, operational earnings fell by almost a third to £12.6 million.
It noted that staff pay rises and other inflationary pressures were mostly responsible and left profit before tax at £10.4m compared to £13.3m 12 months previously.
It reduced its corporate tax payment from £5.4m to £4.6m.
"Innovation remains vital to Starbucks ability to fulfil our customers' shifting requirements, and we're investing in our digital channels and exploring new store formats like digitally advanced smaller locations and Drive Thrus," said Duncan Moir, president of Starbucks Europe, Middle East, and Africa (EMEA).
"Whilst we are cautious about the macro-economic environment, we will continue to invest to grow the region this year," he added.
Its plans included 300 new stores across the EMEA region to continue this growth momentum.
Starbucks has a total of 1,066 stores in the UK, of which 318 are company-owned and 748 run by licensees.
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