Bed Bath & Beyond ( BBBY) said it would buy back up to $400 million worth of its own stock.

The Union, N.J., home goods chain said it would buy the shares over the next year. Bed Bath & Beyond was debt-free and had $1.4 billion in cash at Aug. 27.

"Our Board took this action based upon our Company's continued strong financial condition and it reflects the Board's confidence in Bed Bath & Beyond's growth potential, financial outlook and excess cash flow generation," said CEO Steven Temares.

Shares rose 20 cents late Wednesday to $39.38.

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