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IN BRIEF / BEVERAGES

Starbucks to Raise Prices as Costs Climb

September 03, 2004|From Bloomberg News

Starbucks Corp., the largest U.S. chain of coffee shops, plans to raise its beverage prices for the first time since August 2000 to cover higher costs for milk and health insurance amid slowing sales.

The increase will take effect by year's end and will be modest, Chairman Howard Schultz said in a statement without elaborating.

Milk prices have risen by 63% since March 2003, and coffee and sugar prices have climbed by lesser amounts this year. Shares of Seattle-based Starbucks rose $1.17 to $44.40 on Nasdaq.

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