Nation Thailand
Starbucks Korea operating loss more than doubles to 45.3 billion won
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Starbucks Korea attributed its weaker third-quarter performance to changes in promotions and a suspended rewards programme, as its operating loss widened to 45.3 billion won (US$33.9 million), marking a second consecutive quarterly deficit.
Key facts
- The company withdrew the summer edition of e-Frequency, scheduled for June, following the backlash against a May tumbler campaign
- Sales for the first nine months totalled 2.24 trillion won, down 5.2%, with third-quarter revenue falling 16.2% to 679 billion won
- That was 4.2% higher than September, although spending still had not reached its level before the controversy.
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Summary
The company withdrew the summer edition of e-Frequency, scheduled for June, following the backlash against a May tumbler campaign. The flagship scheme normally attracts summer customers by offering merchandise in return for repeated drink purchases.
“The overhaul of promotions and the suspension of e-Frequency weighed on third-quarter sales and earnings,” a Starbucks Korea official said.