It was a summer of shopping for the home, from the home.
Bed Bath & Beyond Inc.
posted its first comparable-sales growth since 2016 in the latest quarter, with the company’s digital sales surging 89% as people shopped for home goods online during the coronavirus pandemic.
Comparable in-store sales retreated in the company’s fiscal second quarter compared with last year, dipping by roughly 12%. But customers converged on the Union, N.J.-based retailer’s curbside and in-store pickup options, helping drive the acceleration of its internet sales. Companywide comparable sales grew 6%, Bed Bath & Beyond said.
Shares climbed roughly 26% to $18.91 Thursday morning. Through Wednesday, the stock had been down about 13% year to date.
Companies that sell home goods and home-improvement products went on a tear over the summer as people who were spending more time in their houses during the coronavirus pandemic shopped with a focus