Why Bed Bath & Beyond Stock Jumped This Week
Bed Bath & Beyond (NASDAQ: BBBY) shareholders endured a volatile trading week, with shares soaring nearly 30% at one point before settling to a roughly 10% increase as of early trading Friday morning. That smaller spike still blew away the 1.2% increase in the S&P 500, according to data provided by S&P Global Market Intelligence. It was driven by a new earnings report out from the specialty retailer.
Bed Bath & Beyond announced on Wednesday that sales jumped in the fiscal first quarter as compared to the COVID-19-depressed period a year ago. Revenue has now increased at existing stores for four consecutive quarters, adding credence to the speciality retailer's rebound plan and to Wall Street's hopes for a strong recovery as the pandemic threat fades. Profitability is rising, too, due to sustained consumer interest in the home furnishings category.
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Source Fool.com
