Increase in Prices, Items Boost Starbucks’ Profit

Starbucks Corp. said earnings for its first quarter rose 31% as the company increased prices and added more sandwiches and flavored coffee drinks.

Net income in the quarter ended Jan. 2 rose to $144.9 million, or 35 cents a share, from $110.4 million, or 27 cents, a year ago, the Seattle-based company said. Sales climbed 24% to $1.59 billion.

Shares of Starbucks rose $1.34 to $55.34 on Nasdaq.