Starbucks (SBUX -0.97%) has been undergoing changes over the past several months in an effort to turn around its business and get back to growth. CEO Brian Niccol took over back in September and has been working on improving the in-store experience for customers. The company is still in the early stages of that turnaround, but Niccol is seeing progress.

Recently, Starbucks released its latest quarterly numbers, which showed positive growth. And Niccol is optimistic that better results are ahead for the business. With the coffee stock down around 30% from its 52-week high at the time of this writing, has it become a no-brainer buy?

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Starbucks shows some progress with Q2 results

On April 29, coffee giant Starbucks reported its second-quarter earnings numbers. For the period ending March 30, consolidated net revenue rose by 2% to $8.8 billion. And the company's global comparable-store sales were down by just 1% -- in the previous quarter, the decline was as much as 4%. While those aren't blowout numbers, they do show that, at least for now, things may be stabilizing.

Niccol was encouraged with the results and the company's turnaround thus far, stating, "We are on track and if anything, I see more opportunity than I imagined." The new CEO has been working on making the Starbucks experience better for customers, which has included simplifying the menu and working on improving wait times at stores.

Why the results may not look all that impressive

At first glance, it may appear as though Starbucks is generating good, modest growth, and could be making a solid turnaround. But don't forget that the company is coming off some poor quarters and lapping some underwhelming comparable numbers. Consider that the company's revenue two years ago, in the same quarter, totaled $8.7 billion -- nearly as much as it generated this past quarter.

The top line is effectively flat over a two-year window and puts into context the challenges that Starbucks has been enduring during that time frame. Meanwhile, the $384 million in profit it posted last quarter was just a fraction of the $908 million in earnings it reported two years ago.

And so while the lack of change in the top line may be underwhelming, what's even more concerning is the significant drop on the bottom line. When looking at the bigger picture, the results don't nearly look as impressive anymore.

Investors also shouldn't forget that given the macroeconomic uncertainty in the markets today, Starbucks' results may look even less impressive in the future. While the CEO is optimistic, investors often need to take such excitement from management with a grain of salt.

Is Starbucks stock a good buy?

As of Monday's close, shares of Starbucks have fallen by around 11% since the start of the year. And the stock trades at roughly 30 times its trailing earnings, which is high compared to the S&P 500 average of 23.

Given the risk and uncertainty facing Starbucks, it should arguably be trading for more of a discount. I wouldn't rush out to buy the stock, as its results weren't all that impressive when you compare to where it was just two years ago. And although Niccol is optimistic about the future, investors should brace for more challenges ahead, as Starbucks still has a long way to go in proving that it can turn things around, grow its business at a high rate, and improve upon its bottom line.

For now, this is a stock I'd put on a watch list and take a wait-and-see approach.