Starbucks losses increase 15-fold

LOSSES at the Irish arm of US coffee giant Starbucks increased 15 fold last year after the company recorded an impairment charge of €3.97m due to underperforming stores in Ireland.

The iconic global coffee brand only established in Ireland in 2005, but accounts just filed by Starbucks Coffee Company (Ireland) Ltd show that its accumulated losses now stand at €7.6m.

This follows the company confirming that in the year to the end of September last pre-tax losses increased to €5.4m compared to a loss of €359,586 the previous year.