Bed Bath & Beyond (NASDAQ:BBBY) bounded out of the gate on Thursday and was up 8% at midday on no apparent company-specific news.
The markets were generally higher as oil prices rose following their historic plunge, and some states are allowing retail stores to open once again, including South Carolina and Georgia, as the worst of the coronavirus pandemic seems to have passed.
While most states remain locked down and any recovery will be slow to come, the decision to allow some areas to begin returning to normal may have heartened investors.
Bed Bath & Beyond still has a difficult road to recovery, though CEO Mark Tritton remains committed to turning the retailer around.
The former Target executive surprised the market last week with a better-than-expected sales and earnings report, although comparable sales tumbled by double-digit rates. That was not so surprising, considering the store closures, but Tritton says the retailer is investing heavily in e-commerce, and is on track to convert up to a quarter of Bed Bath & Beyond and buybuy BABY stores to online-order fulfillment centers.
Once the crisis passes and stores reopen, Tritton says the focus will remain on in-store and curbside pickup services that will be rolled out nationally.