In the recently ended quarter, same-store sales rose 7 percent in the Americas region and 12 percent in the region that includes China. European comps were flat.
“They’re not having competitive pressure,” DiFrisco said. “They’re not seeing a dramatic slowdown and the fundamentals in their business opportunities are very strong.”
Meanwhile, Lazard analysts said they expect Starbucks to shift its focus more toward boosting growth overseas and to the higher margin consumer products group, which includes Starbucks-branded products sold in grocery stores.
Starbucks recently rolled out its line of Evolution Fresh juices and Refreshers beverages at select locations along with K-Cup packs nationwide.
“They have a lot of new news to drive that exterior channel,” DiFrisco said. “Their own retail stores will benefit also on a same-store sales front from that, so I think there are some good times ahead.”
The company’s results took investors by surprise and sent its shares sliding in their biggest one-day drop in 12 years. The news follows disappointing results from Chipotle Mexican Grill and McDonald’s, and has added to worries that U.S. consumers are cutting discretionary spending.
It was not all bad news in the food industry, however. In spite of higher commodity costs, Panera Bread, one of DiFrisco’s top picks in the category, reported better-than-expected results on Tuesday.
—By CNBC.com’s Katie Little
Additional News: Starbucks CEO Talks Earnings
Additional Views: Traders Weigh In on Starbucks
CNBC Data Pages:
Lazard Capital Markets makes a market in Starbucks securities.
Follow Katie Little on Twitter @katie_little.