SBUX: Markets Miss the Value in a $5 Frappuccino

This figure suggests the company is benefiting not only from an increase in foot traffic, but customers are also paying more per visit. The figure is a key metric because it excludes the impact of newly opened or closed stores.

The Chipotle comparison comes into play here because as Chipotle trades at a multiple 20 points higher than Starbucks, its growth expectations are highly attributable to performances similar to those Starbucks just reported.

Consider that Chipotle's popularity and stock has grown commensurate to strong customer traffic as well as stronger sales volumes. As a result, on the release of its IPO in 2006, the stock doubled on its first day of trading from $22 to $44. On Thursday is closed at $414.