Updated from 4:30 p.m. ET to include new details on sales.

Despite free food giveaways, a new loyalty program and stepped-up marketing, Chipotle (CMG) - Get Chipotle Mexican Grill, Inc. Report still has one foot in the trash bin. 

The embattled burrito giant reported Tuesday that third-quarter sales plunged 21.9%, falling well shy of Wall Street forecasts for a drop of 18.9%. Excluding one-time items, earnings came in at 56 cents a share, badly missing analyst expectations for earnings of $1.56 a share.

Chipotle execs told analysts on a call that same-store sales in October are down about 21% due in large part to the impact of Hurricane Matthew. Sales for the past ten days have dropped 19%, Chipotle says.   

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Chipotle booked a charge of 29 cents a share to write down the value of its 13-store Asian fare concept Shophouse, which opened in 2011. "We are considering options [related to Shophouse], but no decisions have been made," a Chipotle spokesman told TheStreet via email when asked if the upstart chain was being closed. 

Shares are down 2% in after-hours trading.