(Bed Bath & Beyond) Shares of Bed Bath & Beyond Inc. rose up to 91% in late trading on Tuesday following news it would start selling baby and home goods on Kroger Co. The stock was also boosted by an announcement that the company will complete $1 billion share buyback by February next year.
Investors were thrilled by Bed Bath and Beyond share repurchase which the CEO Mark Tritton says it underscores confidence in the company’s turnaround and ability to generate cash flows.
Bed Bath & Beyond also said it would pilot a small-scale physical store in selected Kroger stores next year.
The company created new roles of the chief growth officer and chief customer officer, to be filled by Anu Gupta and Rafeh Masood.
Bed Bath & Beyond announcement comes after a turbulent year of supply chain challenges and changing consumer tastes, with the company’s revenues falling by 26% year over year in the quarter to September.
BBBY: NASDAQ is currently up +48.06% on premarket
