UPDATE 1-Chipotle profit misses by a penny, stock falls

(Rewrites first paragraph; adds details on results, estimates, stock activity)

LOS ANGELES, July 23 (Reuters) - Chipotle Mexican Grill Inc (CMG.N) on Wednesday said new restaurants fueled a nearly 23 percent gain in quarterly profit, but the result missed Wall Street targets and shares fell 4 percent.

The Mexican-themed, fast-food chain known for serving naturally raised meat said second-quarter net income rose to $24.5 million, or 74 cents per share, from $20.0 million, or 60 cents per share, a year earlier.

Analysts, on average, had been looking for earnings of 75 cents per share, according to Reuters Estimates.

Revenue grew to $340.8 million from $274.3 million, but missed analysts' consensus estimate of $343.9 million.

Chipotle attributed the sales increase to the addition of 49 new restaurants and a 7.1 percent increase in comparable restaurant sales in the second quarter, when customer visits also increased.

Restaurant level operating margins slipped to 22.4 percent from 23.2 percent the year earlier, primarily due to an increase in food costs and higher advertising costs. Those higher costs were partially offset by menu price increases and lower promotion costs.

The company repeated its outlook for long-term earnings per share growth of 25 percent, reiterated its 2008 forecast for comparable-store sales increases in the mid-single digit range and said it still plans to add 130 to 140 new restaurants this year.

Shares in Chipotle fell to $80.49 in extended trade after closing up $2.14, or 2.6 percent, at $83.80 on the New York Stock Exchange. (Reporting by Lisa Baertlein; editing by Jeffrey Benkoe and Carol Bishopric)