Market Globalist

Why Bed Bath & Beyond Inc (BBBY) stock skyrocketed on Wednesday?

Bed Bath & Beyond Inc. (BBBY) shares lost 1.65% in after-market on Wednesday, June 2, 2021, and closed the day at $43.46 per share. in the morning session, BBBY’s stock gained 62.11% to close Wednesday’s normal trading session at $44.19 per share. BBBY shares have surged 485.30% over the last 12 months, and they have moved up 86.14% in the past week. Over the past three months, the stock has gained 52.22%, while over the past six months, it has risen 110.83%.

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Let’s have a brief discussion on BBBY latest developments


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Launching three brands

On June 3, 2021, Bed Bath & Beyond Inc announced to launch another three new owned brands this quarter, to modernize its assortment and build-up margins and revenues through aggressive product development and to rebuild its authority in the $180 billion home market.

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BB&B has launched the Simply Essential, Haven and Nestwell owned brands last quarter and is on track to have introduced a total of at least eight owned brands in FY 2021.

Partnership with door dash

On May 27, 2021, Bed Bath & Beyond announced that it has partnered with DoorDash to expand its home delivery service. The partnership will make it easier and more convenient for customers to shop online.

DoorDash direct delivery will power Bed Bath &Beyond’s Same Day Delivery service. Its integration will expand the same-day delivery service to over 3,000 zip codes across the nation.

Earlier on April 29, 2021, Bed Bath & Beyond signed an agreement with DoorDash for the Same Day Delivery services availability in Canada,

New corporate appointments

On May 17, 2021, Bed Bath & Beyond Inc appointed John Barresi as Senior Vice President of Finance, Chief Accounting Officer, effective June 7, 2021. Mr. Barresi will lead a team responsible for the development and execution of all corporate accounting and financial reporting functions.

The company also promoted Laura Crossen to SVP, Treasury, Tax, and Finance Transformation, effective immediately.

Susie A. Kim appointed as Vice President of Investor Relations, succeeding Janet Barth.

Lisa Adinolfi was named as Vice President, Controls, Audit and Risk Services, succeeding Pasquale Monterosso.

On May 13, 2021, Bed Bath & Beyond Inc appointed Stacey Shively as Senior Vice President and General Merchandise Manager for Home effective May 17, 2021.

Launching of Simply Essential Line

On May 11, 2021, Bed Bath & Beyond launched a new product line named Simply Essential. This new line consists of more than 1,200 essential items, designed to suit various home needs.

Conclusion

The launch of three new private label brands was the reason behind its Wednesday’s surge and BBBY stock can continue its surging on Thursday as well.

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