Bed Bath & Beyond stock rises premarket after retailer announces Aug. 31 ‘strategic update’ call

Shares of Bed Bath & Beyond Inc. BBBY,
+5.94%
rose 1.6% before market open following the troubled retailer’s announcement that it will hold a conference call Aug. 31 at 8:15 am Eastern to offer a “business and strategic update.” The meme stock darling announced the investor update after market close on Thursday. “We recognize the strong interest in our company and our plans to better serve customers, recapture market share, drive growth and profitability, ensure our vendors are supported, and strengthen our balance sheet,” said Sue Gove, Bed Bath & Beyond’s interim CEO, in a statement. “We look forward to providing an update on our business next week, including a preview of strategies and changes being implemented across the enterprise to deliver results for all stakeholders.” Shares of the retailer, which has been wrestling with inventory struggles and dwindling sales, skyrocketed recently, driven by the Wall Street Bets crowd on Reddit. The company’s stock, which is down 30.7% this year, is up 100.8% in the last month, although cash concerns continue to swirl around the company. On Wednesday a Wall Street Journal report indicated that the company had found a lender. Of 18 analysts surveyed by FactSet, one has an overweight rating, five have a hold rating, and 12 have an underweight or sell rating.

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