The Seattle-based coffee franchise had already raised prices — once in October 2021 and December 2021 — but inflation woes and labor issues have forced the company to hike prices once again.
The Seattle-based coffee chain also plans to raise prices more than once in 2022, Johnson confirmed during a conference call."We have already taken pricing actions this fiscal year, one in October 2021 and another in January 2022.
"There is a pent-up demand for Starbucks and for people wanting and longing to return to their normal routines," Johnson said. COVID also had a significant impact in China, where same-store sales in China fell 14%. Starbucks said 75% of stores in China were closed or had limited hours at the end of December.
But Starbucks fell short of earnings forecasts, and said inflation, continuing pandemic-related costs and rising labor costs were a contributor.
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