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tenderfoot

(8,424 posts)
Wed Feb 2, 2022, 01:13 AM Feb 2022

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

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




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

35 replies = new reply since forum marked as read
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Starbucks raising prices after 31% increase in profit and raising CEO's salary to $20.4 million (Original Post) tenderfoot Feb 2022 OP
I'm glad I don't drink the drek. 3Hotdogs Feb 2022 #1
You roast your own? vercetti2021 Feb 2022 #3
Roasting can be done, even on a popcorn air popper. Not as much control in the outcome. 3Hotdogs Feb 2022 #26
Seems fun and involved... lol. tenderfoot Feb 2022 #8
I banned their coffee from the coffee club at work Skittles Feb 2022 #2
I don't think it's all that great, either. Haggard Celine Feb 2022 #6
what was strange was, sometimes the people complaining supposedly LIKED Starbucks Skittles Feb 2022 #7
People are so susceptible to hype that it's hard to discern Haggard Celine Feb 2022 #15
the most common complaint was "this tastes burned" Skittles Feb 2022 #18
McDonald's was intentionally shitty up to several years ago. 3Hotdogs Feb 2022 #27
I didn't know they did that. Haggard Celine Feb 2022 #31
Starsucks coffee SUCKS! CountAllVotes Feb 2022 #4
Their main profit comes from selling syrupy, very sweet drinks to "sophisticated" yuppies 3Hotdogs Feb 2022 #29
They think they are sophisticated CountAllVotes Feb 2022 #34
Wow. I already don't go there because of the prices. dchill Feb 2022 #5
Their coffee tastes burned to me. murielm99 Feb 2022 #9
Peet's is better. Coffee Bean & Tea Leaf is better. Starbucks used to have a good rep as an employer Hekate Feb 2022 #10
Who are the other companies pulling the same BS? BigmanPigman Feb 2022 #11
This message was self-deleted by its author Chin music Feb 2022 #22
+1, uponit7771 Feb 2022 #24
Why would it matter if starbucks raises prices? cinematicdiversions Feb 2022 #12
My thoughts exactly NJCher Feb 2022 #19
It matters because the price increase isn't inflation related it's naked greed but M$M keeps feedin uponit7771 Feb 2022 #25
Well, how else are those CEOs gonna live? AngryOldDem Feb 2022 #30
+1 uponit7771 Feb 2022 #32
Well, you know what they say...the best part of waking up is PatrickforB Feb 2022 #13
More reason to keep drinking my instant coffee. sakabatou Feb 2022 #14
Not going anymore vercetti2021 Feb 2022 #16
retired & great value coffee ! one big can last's me 2 months & 7.oo$ monkeyman1 Feb 2022 #17
Make-Your-Own at home is always my favorite. calimary Feb 2022 #21
glad i was able to help increase their profits over the last three months of 2021 orleans Feb 2022 #20
I can't believe what they charge for a cup of Joe Emile Feb 2022 #23
I don't remember the last good latte I had from them. AngryOldDem Feb 2022 #28
Another example of how NOTHING will ever change, unless and until we do something maxrandb Feb 2022 #33
This is precisely why people hate CEOs. Initech Feb 2022 #35

3Hotdogs

(12,210 posts)
1. I'm glad I don't drink the drek.
Wed Feb 2, 2022, 01:16 AM
Feb 2022

I roast my own beans grind them fresh every morning.

Its gotta be at least 10 years since I've been in a Starbucks.

3Hotdogs

(12,210 posts)
26. Roasting can be done, even on a popcorn air popper. Not as much control in the outcome.
Wed Feb 2, 2022, 08:41 AM
Feb 2022

My first roaster is (still have it) an SR 150. It allows for variations in roasting outcomes -- light, medium, dark and so forth.But it is small and roasts about 40 cups per roast. So I used to do about 3 roasts at a time.

I now have a Geni roaster. It makes about 150 cups per roast. Obviously it is bigger and weights about 5 pounds.

Instructions are to roast indoors. But at the darker roasts, this sets off smoke alarm. So I roast outside. A little bit uncomfortable in winter but I wait for temperature to reach above 40 before I roast.

Lighter roasts, light to medium brown, bring out flavors described as "fruity" or "Chocolatey." Dark roasts bring out a strong coffee flavor that I doubt you will ever see in in a diner or restaurant.

Restaurants typically serve, "American" roast. Lightest and mildest roast. I ordered "Americano" in a Madrid restaurant The waiter called the order to the counter, "Uno peepee del gato." (Cat piss). So there you go.

Anyway, beans make a difference in light roast but I don't see much of a difference in beans used in dark roasts And of course, you can blend medium and dark roasts for flavor mixture.

Fresh grinding also makes a difference. A burr grinder or blade grinder both work but the blade grinder works at a higher temperature and can make a slight difference in outcome.


I have been roasting for two years now. Its good to be retired.

Haggard Celine

(16,820 posts)
6. I don't think it's all that great, either.
Wed Feb 2, 2022, 01:58 AM
Feb 2022

It's certainly not worth what they charge. I make good, strong coffee here at home that's just as good or better than Starbucks, and it's a hell of a lot cheaper. If I were away from home and wanted a cup of coffee, I'd stop at McDonald's before I'd go to Starbucks.

Skittles

(152,967 posts)
7. what was strange was, sometimes the people complaining supposedly LIKED Starbucks
Wed Feb 2, 2022, 02:04 AM
Feb 2022

they often did not when it was a blind test though!

Haggard Celine

(16,820 posts)
15. People are so susceptible to hype that it's hard to discern
Wed Feb 2, 2022, 03:17 AM
Feb 2022

what their true tastes are. They're very impressed by brand names, especially ones that carry a hint of status with them. All I can say is, hope they enjoy their $5 cups of coffee. Those daily trips to Starbucks don't seem like much, but added up over time they become budget busters.

3Hotdogs

(12,210 posts)
27. McDonald's was intentionally shitty up to several years ago.
Wed Feb 2, 2022, 08:49 AM
Feb 2022

It was a corporate decision to brew cheap, South American beans, lightly roast them and serve them, almost to the boiling point.

The stated goal, as per the article in the Times, was to serve a bad coffee so that seniors wouldn't hang out in the place, nursing a cop of coffee all day. I swear, that's what the article said.

Then -

About 10 years ago, they went to the McCafe and changed their coffee. It is now pretty good. Not as good as what I roast (see my post above) but still, pretty good.

Haggard Celine

(16,820 posts)
31. I didn't know they did that.
Wed Feb 2, 2022, 09:06 AM
Feb 2022

I also think that what they serve now is a pretty good cup of coffee, especially for the price. Much better than Starbucks. Honestly, it's hard for me to see any good reason for going to Starbucks. It's got to be an image/brand loyalty feeling that keeps people coming back. You'd think that the bad coffee, mediocre food, and high prices would be enough to run people off, but their faithful customers aren't easily persuaded to go elsewhere. Maybe they just never go anywhere else and don't know what they're missing.

CountAllVotes

(20,854 posts)
4. Starsucks coffee SUCKS!
Wed Feb 2, 2022, 01:49 AM
Feb 2022

There is one not far from where I live. The sell their crap coffee and stale pastries for $5.00 a pop. What a rip-off it is.

I have a friend that has a lot of money invested in SBUX and she brags about how great it is all of the time. I never know what to say except that I don't much care for their coffee.

To me Starsucks is a plague on society. Who the hell needs 'em?



3Hotdogs

(12,210 posts)
29. Their main profit comes from selling syrupy, very sweet drinks to "sophisticated" yuppies
Wed Feb 2, 2022, 08:52 AM
Feb 2022

and kids. They can charge $5 or $6 for sugared, flavored coffee.

CountAllVotes

(20,854 posts)
34. They think they are sophisticated
Wed Feb 2, 2022, 09:28 PM
Feb 2022

They drink their "latte".

Gets real pricey after not long! $10 a pop 3X a day for some.

Addicted I tell you! Addicted!

dchill

(38,324 posts)
5. Wow. I already don't go there because of the prices.
Wed Feb 2, 2022, 01:51 AM
Feb 2022

Haven't been to a Starbucks in 15 years. Seemed expensive then.

Hekate

(90,202 posts)
10. Peet's is better. Coffee Bean & Tea Leaf is better. Starbucks used to have a good rep as an employer
Wed Feb 2, 2022, 02:17 AM
Feb 2022

Suffice it to say they have sold out.

BigmanPigman

(51,432 posts)
11. Who are the other companies pulling the same BS?
Wed Feb 2, 2022, 02:26 AM
Feb 2022

I'm sure Starfucks' story is the same with 100+ other companies.

Personally, I hate Starfucks since they took over the Mom and Pop shops in my neighborhood and they are very un-cool. I worked at an Italian coffee shop in the early 80s and our prices were high but nothing compared to the shitty prices at Starfucks.

This PR crap is what is driving sales and prices. People fall for the company BS all the time, no matter which company is pushing it. It is the American business model.

Response to BigmanPigman (Reply #11)

 

cinematicdiversions

(1,969 posts)
12. Why would it matter if starbucks raises prices?
Wed Feb 2, 2022, 02:41 AM
Feb 2022

If people don't want to pay it they can go to WaWa's or Dunkins or a million other options.

It's a coffee shop not the electric company.

uponit7771

(90,225 posts)
25. It matters because the price increase isn't inflation related it's naked greed but M$M keeps feedin
Wed Feb 2, 2022, 06:55 AM
Feb 2022

... America that they have no choice but to raise prices

vercetti2021

(10,150 posts)
16. Not going anymore
Wed Feb 2, 2022, 03:17 AM
Feb 2022

Only times I go is during the holidays. Excuse me while I invest into making my own mocha coffee at home now

orleans

(33,987 posts)
20. glad i was able to help increase their profits over the last three months of 2021
Wed Feb 2, 2022, 04:13 AM
Feb 2022

i went there more during those months than i have for the last couple years.
anyway, then i heard they were stopping their vaccine mandate after that court ruled against biden's mandate for companies with over 100 employees.

i thought if they wanted to continue with it they could. but no... they wouldn't do that.

it pissed me off. and then i decided the biggest draw for me was just a stupid latte (coffee & frothy milk).

so guess what i bought? best ten bucks i've ever spent!
several homemade lattes a day keeps me away from fucking starbucks


maxrandb

(15,192 posts)
33. Another example of how NOTHING will ever change, unless and until we do something
Wed Feb 2, 2022, 09:09 AM
Feb 2022

Look, it's pretty fucking simple


"None of this will ever change. The racism, fascism, misogyny, hatred and white supremacy...NONE OF IT will change, unless and until we make racism, fascism, misogyny, hatred and white supremacy unprofitable to the corporations that fund it, and the people that enable it."

There are rich dipshits building penis-shaped rocket ships, while bitching about inflation.

The Federalist Society, Koch bought "supreme" Court made it crystal, fucking clear who rules America, and it ain't you and I.

With the Democrats in power, "inflation" is the oligarchs cudgel to ensure the people dare not exercise their power. Meanwhile, you are lucky if 40% raises in CEO compensation and 40% rises in corporate profits make it to page 6 of the Society News section.

It's all a fixed game.

Remember all those corporations that were so "outraged" about racsist Voter Suppression Laws?

Yeah, it took about 5 minutes AFTER THOSE LAWS WERE CEMENTED IN PLACE, before they began DONATING MONEY TO THE VERY POLITICIANS THAT ENSURED THE PASSAGE OF THOSE LAWS.

I don't know what the answer is, but I do know that "business as usual" isn't going to work.

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