April 30, 2008 / 9:19 PM / 10 years ago

Starbucks CEO says new coffee has bumped up sales

LOS ANGELES (Reuters) - Starbucks Corp (SBUX.O) Chief Executive said on Wednesday he has seen an “incremental bump in sales” from its new Pike Place daily coffee, but that a single product is not a “silver bullet” to fix slowing U.S. growth.

“It’s helped traffic but the burden that we’re under is significant,” said CEO Howard Schultz, who is charged with turning around the coffee seller’s U.S. business, which is hampered by a weak economy, a housing downturn and increasing competition.

Pike Place was released in early April.

Reporting by Lisa Baertlein, editing by Phil Berlowitz

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