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.
Fox News First
Get all the stories you need-to-know from the most powerful name in news delivered first thing every morning to your inbox.
By entering your email and clicking the Subscribe button, you agree to the Fox News Privacy Policy and Terms of Use, and agree to receive content and promotional communications from Fox News. You understand that you can opt-out at any time.