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Bed Bath & Beyond saw its stock price surge more than 80% in extended trading on Tuesday following the news that the housewares box store would be teaming up with supermarket giant Kroger in a collaboration.
Bed Bath & Beyond opened at $15.57 per share and remained relatively flat throughout the day, closing at $16.75. But after the closing bell – and the announcement – BBBY hit $30.62 within the next hour.
NEW YORK, NEW YORK – OCTOBER 01: People walk past a Bed Bath & Beyond store on October 01, 2021 in the Tribeca neighborhood in New York City. (Photo by Michael M. Santiago/Getty Images) (Michael M. Santiago/Getty Images / Getty Images)
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| BBBY | BED BATH & BEYOND, INC. | 16.75 | +1.47 | +9.62% |
| KR | THE KROGER CO. | 40.70 | +0.25 | +0.62% |
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Kroger saw a rise of its own. After a day of mixed trading, the stock initially took a dive after hours before climbing from a close of $40.74 to more than $41.00.
The nationwide grocer said in a press release that it would be teaming up with Bed Bath & Beyond to expand its home, wellness, and baby products both in Kroger stores and online at Kroger.com.
An employee pushes shopping carts towards a Kroger Co. store in Peoria, Illinois, U.S., on Tuesday, June 16, 2015. Kroger Co. is expected to release quarterly earnings on June 18. Photographer: Daniel Acker/Bloomberg via Getty Images (Daniel Acker/Bloomberg via Getty Images / Getty Images)
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“Many of life’s special moments revolve around a meal,” Kroger senior vice president and chief merchant and marketing officer Stuart Aitken said in a statement announcing the partnership. “This collaboration will bring Bed Bath & Beyond as well as buybuy Baby products to our e-commerce and in-store experiences, expanding the ways we can help celebrate those first homes, moves to college, growing families and more. Now, when visiting a family member’s new home, loved ones can surprise them with a meal and a new set of dishes to serve it on in one convenient shopping experience.”
Fort Collins, CO, USA – September 16, 2014: Bed Bath & Beyond Inc. (also B3) is a chain of domestic merchandise retail stores in the US, Canada and Mexico. The stores sell goods primarily for the bedroom and bathroom, as well as kitchen and d (iStock)
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“Our collaboration with an exceptional retailer like Kroger underscores Bed Bath & Beyond’s authority in the home and baby categories,” said Mark Tritton, Bed Bath & Beyond’s President and CEO. “Today’s announcement is a key milestone, bringing Bed Bath & Beyond and buybuy Baby products to reach more customers than ever before. Our product assortment combined with Kroger’s customer base will present extensive opportunities for current and future customers.”
