Due to a computer glitch, popular coffee chain Starbucks Corp. (NASDAQ:SBUX) ) accidentally raised its prices last week in its U.S. company-operated stores, and in a news release, noted that the price hike was premature, and there will be a “small price increase on select beverages” on July 12.
The company did not clarify which drinks were affected by the glitch or how many people were overcharged, but if customers believe they were impacted by this mistake, Starbucks encourages them to contact Starbucks Customer Service at 1-800-782-7282.
Starbucks has raised its prices in the first week of July for at least the past two years. Last year’s price increases fell between 5 cents and 20 cents. According to Eater, who cites five staffers in Chicago, Los Angeles, New York City, San Francisco, and Seattle, “this price increase has not yet been communicated to staff. One barista noted that ‘when Starbucks raises prices it's usually just through the computer system and we find out after.’”
Going forward, it’s important to note that Starbucks drink prices do vary by city and region, and drinks in major cities usually cost more than other areas in the country.
Starbucks currently sits at a #3 (Hold) on the Zacks Rank, and reports its third quarter fiscal 2016 earnings results later this month.
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