The home goods retailer Bed Bath & Beyond (NASDAQ: BBBY) shares soared 30% on Thursday after the company reported better-than-expected second-quarter financial results. The e-commerce sales grew 89% in the last quarter as the coronavirus pandemic sends demand higher and driven by online sales growth and higher traffic in stores.
Earnings per share (EPS) $0.50 vs. -$0.23 expected
Revenue $2.69 billion vs. $2.60 billion expected
"During this unprecedented time when our homes have become the center of our lives, we are well placed as customers spend more in their home and lifestyle," CEO Mark Tritton said. “Our growth strategy is unlocking improved financial performance, and the marked improvement in our second-quarter financial results reflects the potential of our digital-first” he added.
The company expected to host a virtual investor meeting on Oct. 28, where it will share more about its turnaround plans and financial outlook.