Photo: Anthony92931, Wikimedia

Bed Bath & Beyond BBBY surged nearly 80% in Tuesday's after-hours trading session on the heels of three new announcements from the company outlining strategic plans to help with its turnaround.

Here are the details traders and investors should know.

Share Buyback: Bed Bath & Beyond increased the amount of its three-year share buyback to $1 billion, up from a previous $325 million figure. The company said the $1 billion in buybacks will be completed by the end of fiscal 2021.

The completion of the buyback will come two years ahead of schedule. To date, the company has bought back $600 million in shares since the end of fiscal 2020. The company will complete the additional $400 million remaining on the buyback over the third and fourth quarters.

"We remain committed to our capital allocation framework of delivering strong and sustainable total shareholder return," said Bed Bath & Beyond CEO Mark Tritton.

Kroger Partnership: Bed Bath & Beyond and The Kroger Co KR a collaboration for a national e-commerce experience and in-store pilot. The partnership will center on the home and baby category offerings for both companies.

Kroger.com will sell select Bed Bath & Beyond and Buy Buy Baby-branded items on Kroger.com and in select physical Kroger stores beginning in 2022.

“Bed Bath & beyond has a compelling portfolio of products that complement the items our customers already love to shop,” said Kroger CEO Rodney McMullen.

McMullen said the partnership will give Kroger shoppers easy access to new home and baby products helping to fulfill the company’s commitment to “anything, anytime, anywhere.” Items featured will include bedding, storage, baby furniture and baby gear.

“Our collaboration with an exceptional retailer like Kroger underscored Bed Bath & Beyond’s authority in the home and baby categories,” Tritton said.

The Bed Bath & Beyond CEO said the partnership will help the company reach more customers “than ever before.”

Business Model Update: The company announced the launch of a new digital marketplace to expand in the Home & Baby categories. The company will add third-party brand partners to integrate into the digital platform.

The announcement expands on the deal announced between Bed Bath & Beyond and Kroger.

“To further enable the company’s transformation through these growth partnerships and expanded capabilities, Bed Bath & Beyond is realigning its organizational infrastructure and refreshing its leadership team to support its stronger business model,” the company said.

Bed Bath & Beyond named Anu Gupta as its Chief Growth Officer, a newly created role. Gupta will focus on internal and external growth opportunities including new strategic partnerships.

Prior to joining Bed Bath & Beyond as the company’s Chief Strategy and Transformation Officer since September 2020, Gupta held roles with Target TGT and The Michaels Companies.

The company is naming Rafeh Massod as the company’s Chief Customer Officer, a newly created role combining brand and digital roles.

BBBY Price Action: Shares are up 78% to $29.88 at press time.