Starbucks said higher spending on labor and other inflationary pressures weighed on income in its most recent quarter, but U.S. demand is strong
As inflation climbs in the U.S., rising food and energy costs have pushed the nation’s most popular price index to its highest level in four decades. WSJ’s Gwynn Guilford explains how the consumer-price index works and what it can tell you about inflation. Illustration: Jacob ReynoldsStarbucks Corp. said higher spending on labor and other inflationary pressures weighed on income in its most recent quarter but added that U.S. customer demand is strong.
The Seattle-based coffee giant said on Tuesday that increased employee wages, training and costs for ingredients hurt its store-level profit for the period. Higher prices partially offset the growing costs, the company said. Starbucks said prices are around 5% higher compared with a year ago.
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