Bed Bath & Beyond (BBBY) 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.
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.
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