Starbucks Israel has posted a loss of NIS4m (US$869,500) for its Q2 2002, according to a report in Yediot Ahronot.
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The report notes that the loss included a one-time write-down of NIS2m. “The company’s quarterly loss excluding the write-down was therefore NIS2m,” it says, adding that Starbucks Israel lost NIS7m in the first half of 2002.
Starbucks financial performance was disclosed in the quarterly reports of Delek Israel Fuel, which owns 80% of the cafe chain. Starbucks International owns the remaining 20%.
The performance of the chain’s five branches was affected by Israel’s economic and security situation.
The report states that this development led to a change in management, while “Delek has recently considered selling its stake. As nothing came of the measure, Delek is now trying to get Starbucks to increase its stake in Starbucks Israel to 50%.”
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By GlobalDataDelek Israel Fuel posted Q2 revenue of NIS2.5bn, while its profits fell almost 20%.
By Aaron Priel, just-food.com correspondent
