NEW YORK (TheStreet) -- Shares of Bed Bath & Beyond (BBBY) - Get Report are up by 1.03% to $59.99 in mid-morning trading on Friday, following yesterday's release of the company's second quarter earnings results.

The Union, NJ-based retailer reported second quarter earnings of $1.21 per share on revenue that increased by 1.7% year over year to $2.99 billion.

Analysts on average were expecting the company to report earnings of $1.21 per share on revenue of $3.03 billion.

Additionally, the company also announced that its board authorized a new $2.5 billion share repurchase program.

"Our board authorized this new share repurchase program based upon its continued confidence in our company's long-term growth potential, financial outlook and cash flow generation, and it is anticipated that this $2.5 billion share repurchase program will be funded from current cash and future cash flows," CEO Steven Temares said in a statement.

Separately, TheStreet Ratings team rates BED BATH & BEYOND INC as a Hold with a ratings score of C+. TheStreet Ratings Team has this to say about their recommendation:

We rate BED BATH & BEYOND INC (BBBY) a HOLD. The primary factors that have impacted our rating are mixed - some indicating strength, some showing weaknesses, with little evidence to justify the expectation of either a positive or negative performance for this stock relative to most other stocks. The company's strengths can be seen in multiple areas, such as its revenue growth, notable return on equity and reasonable valuation levels. However, as a counter to these strengths, we also find weaknesses including deteriorating net income and weak operating cash flow.

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