Starbucks’ turnaround strategy “taking hold” as global revenues rise – but store closures dent profits

The world’s largest coffee chain reported record fourth quarter international revenues and improving US sales, but saw profits plummet amid a $1bn restructure and the closure of more than 600 underperforming stores

Starbucks has reported its first quarter of global like-for-like sales growth in nearly two years, following record international revenues and growth in its US delivery channel. However, store closures in North America at the end of its fourth quarter led to a significant decline in profits.