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Starbucks president: 'It was a record quarter'

Abigail Stevenson
Updated
Starbucks president: 'It was a record quarter'

Starbucks (NASDAQ: SBUX) shares tumbled 4 percent in after-hours trading on Thursday following earnings that missed Wall Street expectations.

"Without a doubt, every business segment contributed to our performance. It was a record quarter for us," Starbucks President Kevin Johnson told Jim Cramer on "Mad Money." "And I think in every business there is just a great story underlying those numbers."





While Starbucks reported in-line earnings on slightly weaker than expected revenue, its 6 percent same-store sales growth was slower than anticipated.

"We posted 6 percent increase in comps globally, but if you go region by region, there is a story under each of those regions," Johnson said.

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The increase in sales were driven mainly by sales in the U.S., which helped to offset slower growth of 1 percent in Europe.

"This is not the first time Starbucks has run into a speed bump, and in the past, whenever the stock has pulled back it has been a buying opportunity," Cramer said.

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