Starbucks Raises Prices On Select Cold Drinks, Baked Goods
Starbucks Corp., the world's largest specialty coffee retailer, has raised prices for certain cold drinks and baked goods after US President Election Day.
A spokeswoman reportedly said that the prices for select items, including cold brew coffee, climbed 10 to 30 cents at most stores on November 10. It was reported that cold brew coffee price since launching two years ago had been the same.
Meanwhile, about 90 percent of Starbucks beverages, including hot coffee and tea, did not have a price hike. Starbucks expects the beverage adjustments to increase average customer ticket by about 0.5 percent.
The price hikes, for the second time this year, is said to help in sales growth that was slowed in the U.S., reports noted. In addition, the drought in Brazil has raised the cost of beans.
Back in July, the company had raised prices for espresso and latte beverages by as much as 30 cents, and select sizes of coffee by 10 cents to 20 cents, citing higher coffee costs and operating expenses.
"We continually evaluate pricing on a product-by-product and market-by-market basis in our stores in order to balance our business needs while continuing to provide value to our loyal customers and to attract new customers," Starbucks stated. (dpa)
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