1 Day
Source:
المشهد العربي
Starbucks Korea posts first quarterly loss
SK Group, the operator of Starbucks coffee shops in South Korea, recorded its first quarterly loss in its history. The company posted an operating loss of 18.4 billion won ($12.9 million) in the second quarter of 2026, compared to a profit of 40.3 billion won in the same period last year. The crisis was triggered by an advertising campaign that sparked a historic and political controversy, leading to a wave of public outrage and calls for boycott. This was especially fueled by the launch of the "Tank Day" campaign, which coincided with the anniversary of the 1980 uprising—an event marked by the use of tanks to suppress protesters. Many saw the campaign as mockery of the victims' sacrifices and a dismissive attitude toward history. Despite expanding its branch network with 49 new stores during the quarter, sales declined by 6.1%, reaching 747.3 billion won.
Size: 120%Text Size
Notice: This Is an AI-Generated Summary
Comments (0)