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Bed Bath & Beyond Inc. Advances $1 Billion Share Repurchase & Stock Update – NASDAQ:BBBY

BBBY STOCK UPDATE:

Bed Bath & Beyond announced that it expects to complete its $1 billion three-year share repurchase plan by the end of fiscal 2021, two years ahead of schedule.

Program-to-date, the Company has completed $600 million in share repurchases since the end of fiscal 2020.  The Company now expects to repurchase the remaining $400 million of the program by the end of fiscal 2021, specifically over the third and fourth quarters. 

Mark Tritton, Bed Bath & Beyond’s President and CEO commented, “We continue to execute our bold transformation and implement successful strategies that will fortify our near-term and long-term value creation. Today’s announcement further underscores our ongoing confidence in our turnaround, and our ability to simultaneously generate positive cash flow, maintain a strong balance sheet and invest in our long-term growth, all while returning significant capital to shareholders.  We remain committed to our capital allocation framework of delivering strong and sustainable total shareholder return.”

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