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.”