Chipotle profit tops Street, stock up over 5 percent

LOS ANGELES (Reuters) - Chipotle Mexican Grill (CMG.N) reported a 47 percent rise in quarterly profit, soaring past Wall Street estimates as higher menu prices and lower marketing spending offset a drop in customer visits.

The company's stock climbed 5.4 percent in extended trade following the announcement.

Denver-based Chipotle said first-quarter net income was $25.4 million, or 78 cents per share, up from $17.3 million, or 52 cents per share, a year earlier.

Analysts, on average, had expected earnings of 55 cents per share, according to Reuters Estimates.

Revenue rose 16.1 percent to $354.5 million from $305.3 million a year earlier. Analysts had been expecting revenue of $361 million, according to Reuters Estimates.

Closely watched sales at restaurants open at least 13 months rose 2.2 percent as higher menu prices offset weaker traffic.

Restaurant-level operating margin at the company increased to 23.5 percent from 21.2 percent a year earlier on higher prices and lower marketing spending.

The company also backed its forecast for low single-digit percentage growth in 2009 same-store sales.

Chipotle shares rose to $90.10 in extended trading after closing up 5.6 percent at $85.50 on the New York Stock Exchange on Wednesday.

(Reporting by Nichola Groom; Editing by Leslie Gevirtz, Richard Chang)