I'm just kidding. But everybody else is doing it.
There isn't actually anything wrong with those numbers; it's just that investors have been spoiled. Starbucks has been projecting long-term same-store sales growth of 3% to 7% and then has simply blown that figure away month after month. August represents the first time in 2004 that the company hasn't registered a double-digit gain in same-store sales, as well as the lowest gain since May 2003.
While Starbucks remains a Fool favorite, it's worth noting that the stock still commands a healthy premium at 45 times this year's earnings. The stock has also reflected the company's performance, gaining 58% over the past year and 110% over the past two.
Despite competition from other specialty coffee retailers such as Peet's Coffee & Tea
That said, while the current stock price offers zero margin of safety for a buy, Starbucks remains the kind of company that every Fool should aspire to own.
For more Foolish coverage of the company, see:
Sell or hold? Give us your take on the Starbucks discussion board.
Fool contributor Jeff Hwang owns shares of Starbucks.
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