UPDATE 1-Ruby Tuesday posts higher profit

* Q1 EPS 11 cents

* Same-store sales down 3.1 percent at company outlets

* Shares virtually unchanged

LOS ANGELES, Oct 7 (Reuters) - Ruby Tuesday Inc (RT.N) reported higher quarterly profit after cost controls helped offset falling sales at the chain's established bar and grill restaurants.

Net income for the fiscal first quarter ended Sept. 1 was $6.1 million, or 11 cents per share, up from net income of $285,000, or 1 cent per share, in the year-earlier quarter, the company said on Wednesday.

Total revenue fell 7.2 percent to $300.6 million, after same-restaurant sales fell 3.1 percent and 6.5 percent at domestic company-owned and franchised restaurants, respectively.

For all of 2010, Ruby Tuesday forecast same-restaurant sales falling 1 to 3 percent at company-owned. Full-year earnings are projected at 50 cents to 60 cents per share, roughly in line with analysts' estimate.

Shares in Ruby Tuesday rose 4 cents to $7.95 after closing at $7.91 on the New York Stock Exchange. (Reporting by Lisa Baertlein; Editing by Gary Hill)