Chipotle misses revenue estimates as same-store sales growth disappoints

Chipotle Mexican Grill on Tuesday reported mixed quarterly results despite another quarter of higher traffic to its restaurants. 

Shares of the company fell 3% in extended trading.

Here's what the company reported compared with what Wall Street was expecting, based on a survey of analysts by LSEG:

Chipotle reported third-quarter net income of $378.4 million, or 28 cents per share, up from $313.2 million, or 23 cents per share, a year earlier. 

The company's food and beverage costs increased during the quarter, in part due to Chipotle's decision to reemphasize generous portions after social media-fueled backlash over the size of its burrito bowls this summer.

Excluding items, the company earned 27 cents per share.

Net salesclimbed 13% to $2.79 billion. 

Same-store sales rose 6%, just shy of StreetAccount estimates of 6.3%. Traffic to restaurants increased 3.3% in the quarter, continuing the chain's streak of bucking an overall slump in foot traffic across the industry. While many consumers have opted to eat out less, Chipotle has benefited from having a wealthier customer base that is willing to pay more for its burritos and bowls. 

"We're seeing growth from all income cohorts at present," interim CEO Scott Boatwright said on CNBC's "Closing Bell: Overtime" on Tuesday.

While demand was weaker at the start of the third quarter, Boatwright said sales accelerated throughout the period, particularly as Chipotle reintroduced its smoked brisket. The limited-time menu item is currently the most expensive protein, topping even the chain's steak and beef barbacoa options.

Boatwright, formerly Chipotle's chief operating officer, stepped in to lead the company after former CEO Brian Niccol departed in late August to pilot Starbucks'