Starbucks raising prices after 31% increase in profit and raising CEO's salary to $20.4 million

[tenderfoot]

Starbucks: "we are forced to raise prices due to inflation and supply-chain issues"

Also Starbucks: "our profit just went up 31% and we gave our CEO a 39% raise to $20.4 million"

Companies are doing a great job rebranding corporate greed as "inflation" —Dan Price

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Starbucks will increase prices this year, the coffee giant said on Tuesday, blaming supply chain disruptions and a sharp rise in labor costs.

For the last three months of last year, the company’s profit soared 31 percent, to $816 million, Starbucks said in reporting its quarterly earnings on Tuesday. Revenue grew to $8.1 billion, a 19 percent jump compared with the same quarter a year ago.

The company raised prices in October 2021 and again in January 2022, executives said on Tuesday, and more increases are coming.

“We anticipate supply chain disruptions will continue for the foreseeable future,” said Kevin Johnson, the president and chief executive of Starbucks. “We have additional pricing actions planned through the balance of this year, which play an important role to mitigate cost pressures including inflation.”

https://www.nytimes.com/2022/02/01/business/starbucks-prices.html