Bed Bath & Beyond Inc. (NASDAQ:BBBY) has delighted investors with a series of positive updates.
The homewares retailer has teamed up with The Kroger Co (NYSE:KR). to list its products on the US grocery giant’s online platform as well as selected stores beginning in 2022.
The multi-category omnichannel collaboration will include popular items – from bedding and storage to baby furniture and gear – from Bed Bath & Beyond and buybuy Baby’s assortment, including the company’s owned brands as well as national brands.
Meanwhile, Bed Bath & Beyond has also launched its new digital marketplace to expand on the key Home & Baby categories.
What’s more, the US chain announced the US$1bn three-year share repurchase plan will be completed by the end of fiscal 2021, two years ahead of schedule.
"As we continue to navigate the third quarter, the corrective and surgical pricing actions we've implemented are resulting in a trend toward expected gross margin rates for the period. Sales to date have remained consistent with the September trends,” said president and chief executive Mark Tritton.
“Our focus remains on delivering comp sales growth in the all-important November month, which represents a disproportionately larger impact to our quarterly sales. We are preparing for the peak holiday season and are particularly excited about the new future sales channels that we've announced today, which are our strategic collaboration with Kroger and our own digital marketplace."
Shares rocketed 55% to US$25.96 in premarket trading.