Bed Bath & Beyond Inc. (NASDAQ: BYND) shares were crushed on Wednesday after the company announced its preliminary fourth-quarter results. Judging by the investor reaction alone, the results were not good at all.

The company reported results for the first two months of its fiscal fourth quarter. In this time, comparable sales declined by 5.4%, reflecting a low-double-digit percentage decrease in transactions in stores, partially offset by a mid-single-digit percentage increase in the average transaction amount.

On a directional basis, comparable sales from stores declined nearly 11%, while comparable sales from digital channels grew approximately 20%.

It’s also worth pointing out that comparable sales include the shift of the Cyber Monday holiday week, which is in the company’s fiscal fourth quarter this year versus the fiscal third quarter of last year. Adjusting for the calendar shift to exclude Cyber Monday week in both periods, comparable sales for these first two months declined 13%.

Look for the full earnings report after the market close on Wednesday, April 15, 2020.

Mark J. Tritton, president and CEO of Bed Bath & Beyond, commented:

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.  However, we did achieve a notable positive shift in sales in our digital channels during this period, with growth of approximately 20%.  I believe we can solidify this growth, while also addressing the broader stabilization of our business.

Shares of Bed Bath & Beyond traded down nearly 27% to $10.90 on Wednesday, in a 52-week range of $7.31 to $19.57. The consensus price target is $14.62.

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