(Bloomberg) -- Bed Bath & Beyond Inc. soared in late trading on Tuesday after announcing accelerated share buybacks and the launch of a new digital marketplace for merchandise from third-party producers.
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The shares surged as much as 77% to $29.70 after the close of regular trading in New York.
Chief Executive Officer Mark Tritton said in a statement that higher prices are “resulting in a trend toward expected gross margin rates for the third quarter.”
In addition to its online marketplace, the home-goods retailer said it would start selling some of baby and home merchandise at Kroger Co. and pilot a small-scale physical store in some Kroger stores starting next year. Bed Bath & Beyond also named Anu Gupta as chief growth officer and Rafeh Masood as chief customer officer, both new roles.
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