UPDATE 3-P.F. Chang's 2nd-qtr profit up; raises forecast

(Rewrites first paragraph; adds analyst comment; updates share activity)

By Aarthi Sivaraman

NEW YORK, July 23 (Reuters) - P.F. Chang's China Bistro Inc (PFCB.O: Quote, Profile, Research, Stock Buzz) posted better-than expected quarterly profit on Wednesday, helped by cost controls, and raised its forecast for the full year.

Second-quarter net income at the Scottsdale, Arizona-based Asian-themed restaurant chain inched up to $9.4 million, or 39 cents per share, from $9.3 million, or 36 cents per share, a year earlier.

It earned 40 cents a share from continuing operations. On that basis, it topped the analysts' average expectation of 32 cents, according to Reuters Estimates.

Consolidated revenue rose to $304.1 million from $266.8 million.

Same-store sales at its namesake restaurants fell 2.3 percent in the quarter despite higher prices as fewer people ate out. At its Pei Wei Asian Diner chain, same-store sales dropped 3.2 percent.

Customer visits have fallen at sit-down restaurants like P.F. Chang's as a depressed real estate market and higher gas and food costs force people to cut back or go to lower-priced chains.

"Revenues at both concepts for the second quarter were slightly below our expectations, and we continue to believe that consumers will remain under economic pressure for the rest of the year," Chief Executive Rick Federico said in a statement.