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Starbucks president: 'It was a record quarter'

Starbucks president: 'It was a record quarter'

Starbucks 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."

Starbucks staff make coffee behind counter. Starbucks already has nearly 2,000 stores in mainland China and plans to have 3,400 by 2019, laying the groundwork for Chinas next boom.
Zhang Peng | LightRocket | Getty Images

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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