Wall St.expected Starbucks (SBUX) to post second-quarter earnings of 19 cents a share on revenue of $2.3 billion, according to analysts polled by Thomson Financial. It did both of those things, right on the nose. It also announced it would buy back 25 million shares.

Same store sales growth was disappointing at 4%. Starbucks continues to target earnings per share in the range of $0.87 – $0.89 for fiscal 2007. 

The company’s shares have been stuck at the low end of their range trading at $31.60 on a 52-week high/low of $40.01/$28.72. Beginning five years ago and through the middle of last year, the stock was up 250%. But, it has given some of that back since late 2006 on concerns that it can keep up 6% same-store sales forever.

Shares rose 2.5% after hours.

Douglas A. McIntyre