Starbucks to Raise Some Drink Prices
Press release from the issuing company
Friday, September 24th, 2010
Starbucks Corp. said it plans to do "targeted" price increases on some drinks in response to the skyrocketing price of green coffee beans.
The Seattle-based coffee chain (NASDAQ: SBUX), which has 193 metro Atlanta stores, also said it "could not rule out the possibility" of raising the price of its packaged coffee in grocery stores and other outlets.
“Over the last six months a highly speculative green coffee market and dramatically increased commodity costs have completely altered the economic and financial picture of many players in the coffee industry,” said Starbucks Chairman and CEO Howard Schultz, in a statement.
