By Granth Vanaik

April 24 (Reuters) - Chipotle Mexican Grill ( CMG )

raised its full-year sales forecast on Wednesday, betting on

resilient demand for its burritos and rice bowls despite higher

menu prices.

Shares of the California-based company were up 3% in

extended trading. Its shares breached the $3,000 mark for the

first time after the company approved a 50-for-1 stock split

last month.

Chipotle has seen an increase in foot traffic at its stores

even in the face of sticky inflation.

Data from Placer.ai showed that monthly visits to Chipotle

during the months of January, February and March had outpaced

the wider fast-casual segment. In the first quarter, Chipotle

saw visits increase by 10% year-over-year, ahead of the 4.1%

growth seen by the fast-casual segment.

The company expects comparable restaurant sales growth of

mid-to-high-single digit percentage for 2024, compared with its

previous projection of mid-single digit growth.

"Chipotle is well positioned for this economic environment,"

said Emarketer analyst Blake Droesch. "Its success is a

bellwether for the fast-casual space."

In order to drive more customer orders, the restaurant chain

also brought back its popular chicken al pastor dish to its

menus across North America and Europe during the quarter for a

limited time period.

The restaurant chain's comparable sales rose 7% in the first

quarter, compared with LSEG estimates of a 4.97% increase.

It has also undertaken price hikes to shield its profit

margin against higher costs of labor and raw materials such as

beef, tortillas, queso and avocados.

Chipotle's restaurant level operating margin rose to 27.5%

in the reported quarter from 25.6% a year ago.

Excluding one-time items, Chipotle earned $13.37 per share

in the first quarter, topping analysts' expectation of $11.68.