What's Up With Bed Bath & Beyond Today?

Bed Bath & Beyond Inc BBBY is trading higher Wednesday after the company announced the launch of three new brands.

What Happened: The company announced that it will launch its Our Table, Wild Sage and Squared Away brands over the next two months.

• Our Table will feature a new line of modern kitchen and dining wares.
• Wild Sage is a youthful, eclectic collection of stylish and free-spirited pieces for the home.
• Squared Away will be a new line of storage, organization, and cleaning solutions for the home.

"I am pleased that we are ahead of schedule in delivering our Owned Brands plan, launching product assortments strategically sequenced to cover our core destination categories of bed, bath, kitchen & dining, indoor decor and storage & organization," said Mark Tritton, president and CEO of Bed Bath & Beyond.

See Also: Understanding Bed Bath & Beyond's Unusual Options Activity

CEO on CNBC: Tritton told CNBC that Bed Bath & Beyond is eliminating some of its older product lines and refreshing stores with new products.

The company is focused on capitalizing on the "back to college" student shoppers this year, Tritton said, adding that Bed Bath & Beyond will be offering new brands with attractive price points for college students. 

Tritton expects to see the company's bottom line benefit in the third and fourth quarters, he said.

Price Action: Bed Bath & Beyond has traded as high as $53.90 and as low as $7.19 over a 52-week period.

At last check Friday, the stock was up 42.60% at $39.13.

Photo by Mike Mozart from Flickr.