Why Bed Bath & Beyond Rose 6.9% today
Actions of Bed bath and beyond (NASDAQ: BBBY) rose 7% on Wednesday as the market continued to view favorably the changes the homeware retailer is making to its business.
Yesterday there was another staff reshuffle at its headquarters, this time in the marketing department with the appointment of two new senior vice presidents – one from Target, the other of Macy’s.
Bed Bath & Beyond has also appointed three new creative agencies to help with marketing and communications.
The market is starting to believe Bed Bath & Beyond can make its way out of the deep hole it found itself in as CEO Mark Tritton revamped the executive suite, dismissed all secondary activities, and focuses on Bed Bath & Beyond’s key brands: buybuyBaby and Harmon Face Value.
While that of the retailer The recent earnings report was a bit disappointing as it missed expectations, Bed Bath & Beyond’s digital sales nearly doubled for the period. The market’s initial reaction was to push the stock down, but it seems there has been a change of mind and its stocks have been steadily rising.
The homeware chain’s inventory is up more than 20% in 2021, and the appointment of a new marketing team raises hopes that Bed Bath & Beyond can better communicate its value proposition to consumers and Continue climb back up from the abyss.
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