Longtime Fool favorite Starbucks (NASDAQ:SBUX) kept up its rapid growth pace, reporting solid first-quarter results yesterday afternoon. The specialty coffee retailer saw revenues rise 24% over last year's first quarter to $1.6 billion, driving earnings growth of 30% to $0.35 per share, or $145 million total.

The company noted strong sales of holiday products, including seasonal beverages, the Christmas Blend coffee beans, gift cards, and music.

Overall net revenue in the U.S. increased 23% to $1.3 billion, while international sales were up 32% to $251 million. Company-operated retail revenues climbed 26% to $1.4 billion, boosted by the addition of 642 company-operated retail stores over the past 12 months, as well as same-store sales growth of 10%.

In maintaining growth, Starbucks now expects to open 1,500 new stores worldwide during fiscal 2005, including 100 company-operated stores and 325 licensed stores in international markets. The company also recently implemented a price hike.

Based on the strong first-quarter results, Starbucks also upped the ante for the year. The company now sees fiscal 2005 earnings of $1.15 to $1.17 per share, up from its previous forecast of $1.12 to $1.15 per share. The company sees second-quarter earnings of $0.23 to $0.24 per share, third-quarter earnings of $0.29 to $0.30 per share, and fourth-quarter earnings of $0.28 to $0.29 per share.

Starbucks didn't blow anybody away with its first-quarter results, but the company is in solid shape. The stock is still a little pricey at 46 times the company's estimate for fiscal 2005 earnings. While I think the company is a solid long-term hold, the stock carries a sufficient premium, as I suggested back in November (see "Has Starbucks' Value Peaked?").

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Fool contributor Jeff Hwang owns shares of Starbucks.