New York (CNN Business) Bed Bath & Beyond (BBBY) hired a new CEO. But the company remains in turmoil.

The retailer gave up on meeting its previous financial targets for investors Wednesday, driving its stock down 11% in premarket trading Thursday.

The home goods chain made the announcement while reporting earnings for its third quarter. Bed Bath & Beyond's sales at stores open for at least a year dropped 8.3% during the quarter and the retailer lost $29 million.

New CEO Mark Tritton called the results "unsatisfactory" and said they underscore the imperative for change.

The company said it was withdrawing its forecast because of "headwinds." It expects sales and profit to remain under pressure during the final quarter of the year. Tritton, who was hired in October, is also assessing the business and finalizing his turnaround plan. So the company decided to throw out its previous guidance.

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