Starbucks’ profits tumbled far more than anticipated in its latest quarter as the costs of a turnaround effort come into sharper view.
The world’s biggest coffee house chain reported net income plunged by 47 per cent to $558mn in the three months to the end of June, worse than expectations for a 30 per cent year-on-year decline.
Starbucks has been hiring more baristas and employing new hospitality standards to entice customers back into stores after more than a year of falling sales.
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