But TheStreet's Jim Cramer said that he does not want to buy more of the stock for his charitable trust Action Alerts PLUS.
"The problem is that you're not getting what I'm used to with Starbucks, which is raising numbers. You're not getting the big upside surprise in same-store sales," Cramer said on CNBC's "Squawk on the Street" this morning.
Same-store sales grew 4.0% year-over-year during the period. The FactSet consensus was for an increase of 4.9%.
"So you end up saying to yourself, okay, this is a stock of a company that's slowing. Now, it's slowing in an environment where everyone else is slowing even more," Cramer added.
However, Cramer wondered if that is enough to get people excited or whether people should buy a company that is "doing incredibly well," even if there aren't that many of those.
He noted that Starbucks is the best within its category, but is no longer the best within the panoply of the S&P 500, which it was for a long time.
Cramer also mentioned that companies like Starbucks, Nike (NKE) and Kroger (KR), which recently have hit 52-week lows, were companies that people would retreat to time and again when the economy was uncertain. "They're not delivering now," he contended.
Additionally, Cramer said he has a lot of respect for Starbucks' management team and that they are "doing so much" in the face of secular headwinds.
(Starbucks is held in Jim Cramer's charitable trust Action Alerts PLUS. See all of his holding with a free trial.)
Separately, TheStreet Ratings Team has a "Buy" rating with a score of B on the stock.
The company's strengths can be seen in multiple areas, such as its growth in earnings per share, increase in net income, revenue growth, notable return on equity and good cash flow from operations.
The team believes its strengths outweigh the fact that the company has had lackluster performance in the stock itself.
Recently, TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this articles's author.
You can view the full analysis from the report here: SBUX