(Bloomberg) — Bed Bath & Beyond Inc. shares soared to the highest level in more than two years after the home-goods chain posted a surprise gain in quarterly sales, a sign investors believe that turnaround efforts are paying off ahead of the holiday season.
Comparable-store sales, a key metric, rose 6% in the second quarter ended Aug. 29. Analysts had expected a decline of 1.3%, according to Consensus Metrix. Sales continued to increase last month, according to the company.
“We see things are taking hold and those green shoots that developed in the quarter are turning into trends in September,” Chief Executive Officer Mark Tritton said in a phone interview.
Shares rose as much as 36% Thursday and traded up 33% to $19.96 as of 12:52 p.m. in New York. With the jump, the third-biggest on S&P Small Cap 600 Index, Bed Bath & Beyond erased its losses for the