Bounced of fibonacci as predicted as selling was overdone once again.
Huge short interest at 43%
Bed Bath & Beyond announced its fiscal 2020 capital allocation strategy, which will include an estimated $1B of spend balanced across capital return to shareholders, debt reduction, and reinvestment in the company's core business operations to drive growth. The company has a strong cash position, including the expected net proceeds from the sale of PersonalizationMall.com announced earlier today, the proceeds from the sale-leaseback transaction announced in January 2020, and anticipated cash from operations. Bed Bath & Beyond's President and CEO Mark Tritton said, "The financial strength of our business allows us to take the important steps needed to return capital to our shareholders and reduce our debt, while at the same time also investing in our customer. This balanced approach to the use of our capital is expected to enhance shareholder value, improve the in-store and online experience and position our Company to achieve our long-term objectives to deliver sustainable growth." The company's fiscal 2020 capital allocation strategy is expected to include: Capital return to shareholders (share repurchases and dividends) and debt reduction of up to approximately $600M in the aggregate, with a heavier weighting towards share repurchases, and all subject to business and market conditions. The company's existing $2.5B share repurchase program has a remaining authorized balance of $1.2B. Capital expenditures in the range of approximately $350M-$400M, primarily for investments in stores, IT and Digital projects, and supply chain infrastructure. Going forward, the company expects to maintain a strong cash position, creating future financial flexibility. The company is continuing to work on a number of transformative initiatives as part of its strategic plan for the business, further supported by this capital allocation strategy. The company also expects in the near term to deliver further SG&A savings, with mid-to-longer term savings in cost of goods primarily related to the implementation of owned-brand strategies, sourcing re-negotiations, and further optimization of its supply Source thefly.com/
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.