Starbucks Corporation (NASDAQ:SBUX) investors have something to cheer about today: the company announced first quarter, fiscal 2007 results that were exactly what analysts hoped they'd be. 26 cents a share, or $205 million, up 18% from the year-earlier quarter, on revenues of $2.4 billion, up 22% from the year prior.

In about 10 minutes, the analyst earnings call will begin. I'll be live blogging the call.

2:02 p.m. (All times Pacific.) The call has begun. Disclaimers... and the call is turned over to Jim Donald, CEO. As I mentioned, comparable store sales increased 6%; he breaks it down to 4% from number of transactions, 2% from value of transaction (connected to the increase in prices perhaps?).

2:02 p.m. The company opened 728 stores (awed voice) over two stores a day. The company is focused on balanced growth, and targeted investments. "Our food program this quarter was a significant contributor to our revenues... we have remained focused on expanding our lunch program..." 69% of company-operated U.S. retail stores now have lunches. Adds approximately $300,000 in average annual revenues to one store (big!). 1200 stores now offer warm breakfast items; aggressive plans to roll out warming platform over next couple of years. The warm sandwiches add (I think I heard this right) $135,000 in average annual revenue to one store. Both warm breakfast sandwiches and lunch programs are planned to be in all company-owned U.S. stores in a few years.

2:06 p.m. Raves over the Starbucks Card -- helps promote customer loyalty, it's huge, a great gift. I must admit I just bought my sister-in-law a Starbucks Card for her birthday...