Bed Bath & Beyond (BBBY - Get Report) shares tumbled over 12% Friday afternoon on heavy trading volume after Q1 earnings fell short of expectations and CEO Steven Temares reportedly predicted fewer brick-and-mortar stores in the company's future.

Over 16 million shares have traded so far today vs. the 30 day average of 2.72 million.

The retailer reported earnings per share of 53 cents, missing the average FactSet analyst estimate of 66 cents. Earnings were down 33% year-over-year and net profit dropped 30% in the same time period.

Same store sales dropped 2% on mostly flat net sales of $2.742 billion. Analysts had predicted sales of $2.794 billion.

Temares is aware of the low-cost shipping battle his company faces against Amazon.com (AMZN - Get Report) and Walmart (WMT - Get Report) .

He said the company will refocus on its online presence to better compete as foot traffic in stores falls. Part of that refocusing could include closing between 80 and 100 poorly performing locations with leases ending soon.

Bed Bath & Beyond's shares were at $29.71 on Friday afternoon.

What's Hot On TheStreet:

Well OK then, Jeff Immelt: General Electric's (GE - Get Report) outgoing CEO Jeff Immelt had some choice things to say at an event in NYC on Thursday night, TheStreet's Kinsey Grant reports. First, Immelt revealed a possibly fatal management mistake Kroger's (KR - Get Report) CEO might have made about Amazon (AMZN - Get Report) who as we all know, just inked a $13.7 billion deal for organic grocer Whole Foods (WFM) . Immelt then took a jab at Hillary Clinton and Barack Obama for not visiting factories in their push to lift manufacturing wages. Talk about a well-paid boss going down swinging.

Why Sears Canada is dying: Sears Canada (SRSC) has one foot in the grave just like its ailing U.S. friend Sears Holdings Corp. (SHLD) . Unfortunately for Sears Canada, it's that friend across the boarder that has played a large role in its demise, TheStreet's Michelle Lodge reports. Sears has sucked badly needed cash away from Sears Canada through the years, leaving it unable to upgrade stores and do other things to compete effectively in the always challenging Canadian retail market.

General Electric is a holding in Jim Cramer's Action Alerts PLUS Charitable Trust Portfolio. Want to be alerted before Cramer buys or sells GE? Learn more now.

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