Bed Bath & Beyond Inc. (Nasdaq: BBBY) announced today the successful completion of its initial $225 million accelerated share repurchase program which initiated on October 29, 2020. Under the agreement, a total of approximately 11 million shares of Bed Bath & Beyond common stock were repurchased at an average price of approximately $20.77.

The Company also announced that, in consideration of recent stock market volatility, it has extended the maturity of its second accelerated share repurchase agreement for $150 million which initiated on January 11, 2021, to end no later than April 2021 instead of February 2021.

Mark Tritton, President and Chief Executive Officer of Bed Bath & Beyond said, "We remain committed to maximizing value for our shareholders and are pleased with the result of our initial $225 million accelerated share repurchase program which is part of our authorized level for share repurchases up to $825 million over the next three years. Our decision to amend the terms of our ongoing $150 million accelerated share repurchase agreement during this period of extreme market volatility reflects responsible stewardship of capital. Our teams remain focused on driving consistent improvement in the fundamentals of our business, building on recent growth in our key destination categories to deliver strong and sustainable, long-term shareholder returns."

About the Company

Bed Bath & Beyond Inc. and subsidiaries is an omnichannel retailer that makes it easy for our customers to feel at home. The Company sells a wide assortment of merchandise in the Home, Baby, Beauty and Wellness markets. Additionally, the Company is a partner in a joint venture which operates retail stores in Mexico under the name Bed Bath & Beyond.