Starbucks responded to the price hike by saying some drinks and food prices were rising slightly

2022-04-24 0 By

Beijing News (Reporter wang Ziyang) On February 16, some users said on social media that Starbucks has raised the price of some products, including Americano and latte, by 1-2 yuan.In response, Starbucks China confirmed to The Beijing News that some drinks and food prices did increase slightly.Starbucks last raised prices in China in 2018.Recently, Starbucks has carried out two rounds of price adjustment in the American market. According to the financial report released by Starbucks, the operating profit margin of Starbucks north American market in the first quarter of fiscal year 2022 (as of January 2, 2022) was 18.8%, up 10 basis points compared with the same period last year, which was affected by price increase, procurement cost control and other factors.This is offset by rising labor costs and high inflation.Starbucks has already re-priced in October 2021 and January 2022, and will continue to do so in the future.It is understood that Starbucks CEO Kevin Johnson revealed during the earnings call that the company plans to raise prices again in 2022, which would be the third time since October 2021, and hinted that there will be more than one price increase in 2022.Mr Johnson said the outbreak had created inflationary pressures and staffing problems, both of which had been “much more than we expected” because of the recent surge in cases of the Omicron variant.As for the price increase, Starbucks China said it will raise the price of some drinks and food products in its stores on the Chinese mainland by a small amount from February 16, 2022.Packaging coffee beans and coffee cups and other peripheral goods, not within the range of price adjustment.Pricing is set after taking into account a number of factors, including operating costs.Beijing News reporter Wang Ziyang edited by Li Yan proofread by Li Ming