Starbucks Coffee Korea net drops

Starbucks Coffee Korea, the joint venture with South Korea's retail conglomerate Shinsegae, recorded 9.1 billion won (U.S. $9.68 million) in after-tax net profit in 2006, down 4.2 percent from 9.5 billion won (U.S. $10.1 million) the previous year, its spokesperson Joyce Park said.

It is the first time that the coffee shop chain has posted a decline in annual net profit since it opened its first shop in Seoul in 1999.

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