Acquisition costs and product recall hamper Starbucks’ profitability in South Korea

South Korean retail giant Emart says that costs associated with acquiring a majority stake in Starbucks’ Korean business last year, the strong dollar and a major merchandise recall contributed to group profits more than halving in 2022

E-Mart has reported record sales in 2022, but said the lower-than expected profitability of Starbucks Korea led to a fall in group profits.