Coffee chain Starbucks sees its sales fall and profits halve, but its controversial CEO Brian Niccol remains confident that his recovery plan will soon yield results.
Layoff wave
With comparable sales down 1% and profit before tax down 49%, Starbucks did less well in the first quarter than analysts had expected. Sales declined in the US and China, while growth was seen elsewhere. That total sales were nevertheless higher is only due to expansion: the chain now has more than 18,600 locations worldwide.
