Starbucks To Raise Prices
U.S. Ambassador to the United Nations Susan Rice speaks to the media after a U.N. Security Council meeting on Syria on May 30, 2012 in New York City. The Security Council held discussions following a massacre of more than 100 civilians in Houla. / Photo by Mario Tama/Getty Images
In a statement issued after markets closed for regular trading, Starbucks said the price hike will take effect July 31, bumping the cost of most drinks by about 3 percent.
The increase will apply to coffees, lattes, frozen Frappuccinos and some tea-based drinks, including fruit and tea blends made behind the counters in all of its domestic company-operated stores, company spokesman Brandon Borrman said.
The increase will not apply to bottled drinks or food, Borrman said.
The company's last price increase — 5 cents — took effect Oct. 3, 2006.
The world's largest specialty coffee retailer has nearly than 6,300 company-operated stores in the United States, plus about 3,500 licensed stores. It has almost 14,000 stores worldwide.
Shares of Starbucks rose 47 cents, or 1.7 percent, to close at $28.17 Monday.
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