Bed Bath & Beyond Inc. surged on Tuesday after announcing higher share buybacks and a digital platform for third-party producers, according to a report by Bloomberg on Tuesday.

  • The company projects to complete its $1 billion share repurchase plan by the end of its fiscal year in February, two years ahead of time. There are $400 million of buybacks remaining in the program.
  • The shares rose nearly 91% to $32 after the close of regular trading in New York, signaling the stock’s recent volatility as traders pile into the social-media-driven meme stocks.
  • Beth Bath & Beyond was among one of the first retailers to signal how the delta variant is affecting its supply chain, changing consumer behavior, and hurting sales.
  • In September, the home-goods retailer reported a decline in revenue by 26% from a year earlier and store traffic slowed during the back-to-college season in key areas.

In a confident tone, Chief Executive Officer Mark Tritton stated the buyback announcement underscored the ongoing confidence in turnaround and the ability of the firm to generate positive cash flow. BBBY up +49.55%, Pre-market trading