Starbucks boycott hurts big corporations

Starbucks boycott hurts big corporations

Starbucks boycott hurts big corporationsRegarding its operational performance, Berjaya Food Bhd (BFood) is positive. It anticipates improvement and a momentum return in the remaining quarters of the fiscal year that ends on 30 June 2024 (FY24).

“The board of directors believes that the operating performance results will rebound and regain momentum, considering the current situation as short-term and things are anticipated to progress positively moving forward,” BFood said in the notes accompanying its financial results.

Compared to last year’s net profit of RM35.5 million, or 2.02 sen, BFood reported a net loss of RM42.6 million per share of 2.42 sen for the second quarter ending on 31 December (2Q24).

RM182.5 million was the quarter’s revenue, down 38% from RM295.3 million in the same period last year.

According to BFood, the Starbucks boycott is in connection with the Middle East was the primary cause of the decline in sales.

Before 31 December, BFood’s revenue dropped 20.3% to RM461.1 million from RM578.4 million, resulting in a net loss of RM23.5 million compared to a profit of RM70.2 million for the first half of the year.


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