Starbucks Corp.
said rising costs of supplies and wages will continue to weigh on the coffee giant’s profit in the months ahead after pandemic-related restrictions reappeared in the U.S. and overseas.
The Seattle-based chain said holiday sales helped boost its business in its most recent quarter, though higher-than-expected inflation, a tight labor market and cost increases driven by the Covid-19 Omicron variant limited results.
“Although demand was strong, this pandemic has not been linear,” Starbucks Chief Executive
Kevin Johnson
said.
Starbucks and other restaurant chains at some locations are selling food for takeout only, closing dining-room seating or shortening hours during the Omicron variant’s surge. The coffee chain last month expanded paid leave to workers…
