Union, N.J. – Following a difficult first quarter of fiscal 2014 where it missed Wall Street estimates on both profits and sales, Bed, Bath & Beyond has authorized a new $2 billion share repurchase program.
The company said it expects to complete the new buyback during its fiscal 2016.
"Our board authorized this new share repurchase program based upon its continued confidence in our company's long-term growth potential, financial outlook and cash flow generation,” said Steven Temares, CEO and member of the board of directors. “We also believe this is an opportune time, and method, to return value to our shareholders. In addition to providing value to our shareholders through share repurchase programs, our strong operations should allow us to continue to invest in our infrastructure and maintain our ability to take advantage of opportunities as they may arise.”