On Mad Money Thursday night, Jim Cramer spoke with Mark Tritton, president and CEO of Bed Bath & Beyond Inc. (BBBY) . BBBY was also upgraded Friday to a "Hold" recommendation by TheStreet's Quant Ratings service.
The quarter showed what a strong team and category Bed Bath & Beyond is operating in, Tritton said. Bed Bath & Beyond had a solid digital business, but it wasn't easy and convenient for the customer, explained Tritton, who took the helm in November 2019.
Some 80% of the company's customers pre-shop for products online, then either order them or go to the store. It added 6 million new customers that are, on average, six years younger. In other words, Bed Bath & Beyond needed to excel online, he said. The company is doubling down on that front, adding curbside pickup and same-day delivery.
We looked at the charts of BBBY twice this week. On Sept. 29 ahead of earnings and again on Oct. 1. Thursday we wrote that, "I did not recommend buying BBBY ahead of earnings; I only recommended not shorting it. So, I can't take a victory lap. Nevertheless, traders who are long might consider taking some profits in the $23 area."
BBBY has made a new high for the move up Friday so let's peek at the charts one more time.