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Starbucks (SBUX) traded down $1.84, or nearly 5%, Friday due to reporting same store sales numbers at the high end of its own 3-7 percent guidance but below the consensus estimate of 7 percent. You can see my article from a month ago for the whole story, as exactly the same thing has happened.

Starbucks is likely stuck at in neutral for a while due to its valuation, but if you can find us another mature retailer posting 6 percent comps while adding 20 percent to its store base year after year, we’d love to see it.

As MarketWatch reports:

Shares of Starbucks Corp. (SBUX) fell in trading Friday after the coffee retailer said same-store sales rose 6% in June, down from a 7% increase the year before and below analysts’ average forecast. Analysts had been looking for a 7% rise in comparable store sales for the month, according to Thomson First Call.

“In June, we continued to deliver solid revenue and comparable store sales growth in line with our growth targets,” Chief Executive Jim Donald said in a statement.

At the start of May, the company said it continued to expect same-store sales growth ranging from 3% to 7% for the remainder of fiscal 2006, with monthly anomalies.

SBUX 1-yr chart:

SBUX 1-yr chart

Disclosure: The author owns shares of Starbucks, half of which are partially hedged via a covered call option with a $37.50 strike price and October expiration.

Source: Starbucks Trading Down on Noise (SBUX)