Starbucks slides after earnings despite beating Wall Street expectations (SBUX)

• The chain brought in $0.65 per share on revenues of $6.1 billion. Analysts had expected
• $0.57 per share on revenues of $6.204 billion.

Shares of Starbucks slumped as much as 4% after-hours following the company's first quarter earnings report that beat analysts' earnings-per-share expectations but fell short on revenue.

The coffee giant said it earned an adjusted $0.65 per share — 14% above the expected $0.57 — on revenues of $6.073 billion. Analysts had expected $6.2 billion.

Same-store sales, a metric that Wall Street is paying careful attention to as the 27,000+ store chain nears maximum expansion in the US, was up 2%. The company had forecast 3-5% growth this year.

"We are concerned SBUX's same store sales could worsen until new store growth slows and in-store capacity constraints are addressed," UBS analyst Jason West said in a note to clients last week.

Starbucks is now looking to other areas outside the US for continued growth, specifically China.

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Wall Street analysts remain bullish on the stock, and have a consensus price target of $64 — 6% above where shares opened Thursday.

Shares of Starbucks have severely lagged behind the S&P 500 benchmark in the past year, rising just 3.6% compared to the index's 23%.