Shares of Bed Bath & Beyond are up $1.94, or 7%, to $29.20 in morning trading after the company earlier announced that it will launch three new owned brands this quarter, stating that it is “continuing the company’s execution of its biggest product assortment change in a generation to rebuild its authority in the $180 billion home market.” With the launch of the new owned brands in the coming weeks, the company will have launched six owned brands in five months – which is ahead of its previously announced six-month timetable and comes “in advance of the important Back to College shopping season,” Bed Bath & Beyond stated. The owned brands that will launch in the market in the coming weeks and be available only at Bed Bath & Beyond include “Our Table,” a new line of modern kitchen and dining wares, “Wild Sage,” which the company calls a “youthful, eclectic collection of stylish and free-spirited pieces for the home,” and “Squared Away,” a new line of storage, organization, and cleaning solutions for the home. Mark Tritton, President and CEO of Bed Bath & Beyond, said, “I am pleased that we are ahead of schedule in delivering our Owned Brands plan, launching product assortments strategically sequenced to cover our core destination categories of bed, bath, kitchen & dining, indoor decor and storage & organization. Together with the company’s first opening-price-point Owned Brand, we are helping customers unlock the magic in every room while strengthening our leadership in the home market.”
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