loss@ (Adds details on results, background)
Jan 8 (Reuters) - Bed Bath & Beyond Inc on Wednesday withdrew its forecast for fiscal 2019 and said it expects fourth-quarter earnings and sales to remain pressured, months after new Chief Executive Officer Mark Tritton took charge.
The company's shares were down 13% at $14.50 after market.
Last year, a group of activist investors had piled pressure on the company, citing falling sales under its previous CEO Steven Temares, forcing Bed Bath & Beyond to bring in Tritton, a former Target Corp executive.
After Temares' departure, Bed Bath & Beyond laid out a strategic plan to boost sales through store revamps, cut jobs to reduce costs and reduce old inventory before the holiday season.
"Our performance in the third quarter was unsatisfactory and underscores the imperative for change and strengthens our sense of priorities and purpose," Tritton said, adding the company will reveal its strategic plan over the next few months.
The home furnishing retailer also reported a net loss of $38.6 million in the quarter ending Nov. 30, compared with a profit of $24.4 million a year earlier, mainly due to an impairment charge related to certain store-level assets.
Net sales during the key holiday quarter fell 9% to $2.76 billion, due to a shorted holiday season and a shift of the Thanksgiving holiday in 2019, the company said. (Reporting by Nivedita Balu in Bengaluru; Editing by Aditya Soni and Shounak Dasgupta)