Caribou Coffee hikes cost of its drinks by 2.5 pct
NEW YORK, Sept 26 (Reuters) - Gourmet coffeehouse operator Caribou Coffee Co. Inc. (CBOU.O) hiked its beverage prices by about 2.5 percent on Monday, due to a combination of cost pressures, a spokesman said on Wednesday.
The increase equates to an overall increase of 2 percent on its menu, said George Mileusnic, chief financial officer for Minneapolis-based Caribou Coffee.
"The 2 percent was a reaction as much to wage pressures and dairy pressures, as well as coffee," Mileusnic said.
Mileusnic spoke at the Thomas Weisel Partners Consumer Conference in New York City, which was listened to by Reuters via Web cast.
The price increase equates to roughly 8 cents per drink and puts it roughly on par with Starbucks Corp. (SBUX.O) prices, Mileusnic said.
Starbucks announced in July it was raising U.S. prices on various drinks by an average of 9 cents a cup to help offset soaring costs for milk and other commodities.
