LOS ANGELES – Starbucks Corp. (SBUX) Wednesday reported a double-digit increase in same-store sales in October following two straight months of single-digit gains, helped by the success of its new pumpkin spice latte (search).
The world's largest coffee shop chain said sales at company-owned stores open at least 13 months, a key retail measure, rose 11 percent in the four weeks ended Oct. 31.
In August and September, Seattle-based Starbucks' same-store sales rose 8 percent and 7 percent, respectively, falling into single-digit territory for the first time since October 2003.
Thoscompany's explosive growth was showing signs of slowing.
Starbucks shares rose slightly on the INET electronic brokerage (search) to $53.95 from their Nasdaq close of $53.48.
Starting Oct. 6, Starbucks raised prices at company-owned stores in North America by an average of 11 cents. The company's chairman, Howard Schultz (search), has said he did not expect the price hike to affect same-store sales.