Bed Bath & Beyond stock is soaring on news of a partnership with Kroger

Bed Bath & Beyond saw its share price rise by more than 80% in extended trading on Tuesday after the news that the household store would merge with supermarket giant Kroger in a collaboration.

Bed Bath & Beyond opened at $ 15.57 per share and remained relatively flat all day, closing at $ 16.75. But after the closing bell – and the announcement – BBBY hit $ 30.62 within the next hour.

Bed Bath Beyond

NEW YORK, NEW YORK – OCTOBER 1: People walk past a Bed & Beyond store on October 1, 2021 in the Tribeca neighborhood of 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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Hooks saw an increase in itself. 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 grocery store said in a press release that it would team up with Bed Bath & Beyond to expand its home, wellness and baby products both in Kroger stores and online at Kroger.com.

Kroger

An employee pushes shopping carts toward a Kroger Co. store in Peoria, Illinois, USA, on Tuesday, June 16, 2015. Kroger Co. is expected to publish quarterly results on June 18th. 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 are about a meal,” Kroger senior vice president and chief merchant and marketing officer Stuart Aitken said in a statement announcing the partnership. “This partnership will bring Bed Bath & Beyond as well as buybuy baby products to our e-commerce and in stores, expanding the ways we can help celebrate the first homes, move to college, growing families and more. Now that we visiting a family member’s new home, loved ones can surprise them with a meal and a new set of dishes to serve it in one convenient shopping experience. ”

Bed Bath Beyond

Fort Collins, CO, USA – September 16, 2014: Bed Bath & Beyond Inc. (also B3) is a chain of domestic merchandise retail stores in the United States, Canada and Mexico. The shops sell goods primarily for bedroom and bathroom, as well as kitchen and d (iStock)

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“Our partnership with a unique 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 an important milestone that brings Bed Bath & Beyond and buybuy Baby products to reach more customers than ever before. Our product range combined with Kroger’s customer base will present comprehensive opportunities for current and future customers.”

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