Bed Bath & Beyond stock tanks after retailer warns of 'short-term pain'

Bed Bath & Beyond Inc. shares plunged 16% in the extended session Tuesday after the retailer reported preliminary fiscal fourth quarter results that showed a 5.4% drop in same-store sales. The retailer pinned the sales decline on slower store traffic combined with "inventory management issues," and more promotions and markdowns. "We are experiencing short-term pain in our efforts to stabilize the business, including the pressures of store traffic trends coupled with our own executional challenges," Chief Executive Mark Tritton said in a statement. "However, we did achieve a notable positive shift in sales in our digital channels during this period, with growth of approximately 20%," he said. The company can solidify that growth while it addresses "the broader stabilization of our business," he said. Bed Bath & Beyond said it will report full results on April 15. The shares ended the regular trading day up 3.9%.

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