The value of a buyback may or may not achieve the same.ĭon't be too quick to jump to such a conclusion, though. Reducing this debt would yield real, tangible benefits right now. This is instead a case where - given that the money is clearly available - it arguably makes more sense to pay down some of the company's near-$1.2 billion in long-term debt. Debt is a contractual obligation that must be eventually paid back, yet must also be serviced in the meantime. These aren't numbers that could be considered a smashing success, even if Tritton's turnaround plans appear to be working. The company's core operation has yielded $46 million worth of cash flow for the six-month stretch in question, on sales of just a little less than $4 billion. Operating cash flow is positive for the timeframe in question, but not impressively so. Although the company fares far better in the latter half of the year due to holiday shopping, through the first six months of the fiscal year ending in August, Bed Bath & Beyond has lost $124 million. The retailer is still rebuilding itself in an environment that's been altered by the pandemic, after all, and crimped by global supply chain woes. Still, another $300 million being committed to a stock repurchase program? That's a tough idea for some investors to digest. Most of that gain has since been given back, though it was still up roughly 15% by Wednesday's close, so clearly, some shareholders are celebrating the developments. Share prices soared more than 90% in Tuesday's after-hours trading on the news, further buoyed by reports that the retailer will soon be working with Kroger as a sales partner, and at the same time will open up its e-commerce platform to more third-party brands. Now CEO Mark Tritton wants to expand this year's buyback earmark from $325 million to $625 million, finishing up the effort as a result. Indeed, the company reported on Tuesday that $600 million of these buybacks had already been completed through the second quarter of this year, leaving only another $400 million to be done. The original plan was to wrap up these repurchases before the end of fiscal 2023 (ending in early 2024). On the off-chance you're reading this and haven't heard, Bed Bath & Beyond's $1 billion stock-repurchase authorization is so ahead of schedule that it should be completed before the end of this fiscal year. All Rights Reserved.Image source: Getty Images. All content of the Dow Jones branded indices © S&P Dow Jones Indices LLC 2019 and/or its affiliates. Standard & Poor's and S&P are registered trademarks of Standard & Poor's Financial Services LLC and Dow Jones is a registered trademark of Dow Jones Trademark Holdings LLC. Dow Jones: The Dow Jones branded indices are proprietary to and are calculated, distributed and marketed by DJI Opco, a subsidiary of S&P Dow Jones Indices LLC and have been licensed for use to S&P Opco, LLC and CNN. Chicago Mercantile Association: Certain market data is the property of Chicago Mercantile Exchange Inc. Factset: FactSet Research Systems Inc.2019. Market indices are shown in real time, except for the DJIA, which is delayed by two minutes. Top 10 Mutual Funds Holding Bed Bath & Beyond Inc Mutual fund
Top 10 Owners of Bed Bath & Beyond Inc Stockholder INVESTITORI SGR SPA Sold 5.0 Thousand shares of Bed Bath & Beyond Inc Sold 2.4 Thousand shares of Bed Bath & Beyond Inc Transactions Latest Institutional Activity ĮRSEL ASSET MANAGEMENT SGR SPA Sold 483.00 shares of Bed Bath & Beyond Inc
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