SEATTLE — Starbucks said Wednesday its fiscal second quarter profit rose 20 percent as sales at existing stores continued to grow.

Profit came in at $261.6 million, or 34 cents a share, up from a profit of $217.3 million, or 28 cents a share, in the same 2010 period.

Revenue rose 10 percent to $2.8 billion, with sales at stores open one year up 7 percent.

“Our sales, traffic and customer trends all point to the expanding power of the Starbucks business and brand,” CEO Howard Schultz said in a statement.

Starbucks also edged up its fiscal 2011 profit forecast and bumped up its total commodities tab due to rising dairy and fuel costs.

Shares slipped 2 percent to $36.40 in after-hours trading, even though the earnings exceeded the expectations of analysts polled by FactSet Research.

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