UPDATE 2-Bare Escentuals Q1 beats Street, shares rise

* Q1 EPS $0.18 vs est $0.14

* Q1 rev falls 11 pct to $124.3 mln

* Lower cost of goods sold help * Shares rise 15 pct in after market trade (Recasts, adds analyst comments, updates share movement)

By Mihir Dalal

BANGALORE, April 29 (Reuters) - Cosmetics maker Bare Escentuals Inc (BARE.O) posted a higher-than-expected quarterly profit, as lower cost of goods sold and a shift to higher margin products offset a fall in sales amid a tough economic environment.

Shares of the company rose 99 cents to $7.63 in trading after the bell. They closed at $6.64 Wednesday on Nasdaq.

"Consumers are not buying so many of the higher-priced-point kits, but more of the lower-priced a la carte products, which carry a higher margin for Bare," Oppenheimer analyst Joseph Altobello told Reuters by phone.

Altobello also said the company posted better sales results than he expected. He was looking for a fall of 18 percent while sales actually declined by 11 percent.

Altobello has a "perform" rating on the stock.