Bed Bath & Beyond Inc BBBY.O on Thursday posted a surprise quarterly profit and its first comparable sales growth in nearly four years, boosted by strong online demand for home furnishing and decor, sending its shares up 17%.
Same-store sales jumped 6% for the second quarter ended Aug. 29, compared with a 1.78% drop estimated by analysts, according to IBES data from Refinitiv, largely helped by an 89% surge in online sales.
The retailer had been struggling to keep pace in a rapidly shifting retail landscape before the pandemic, prompting Chief Executive Officer Mark Tritton to focus more on the company’s online portfolio after taking charge last year.
Source: Reuters