Bed Bath & Beyond Inc (BBBY) shares are soaring Wednesday after the company released a series of announcements.

Bed Bath & Beyond announced a strategic collaboration with The Kroger Co (KR) to directly offer Kroger customers a selection of goods focused on home and baby products through Kroger.com, as well as a small-scale physical store pilot.

Photo: Mike Mozart from Flickr.

Bed Bath & Beyond also announced the launch of a new digital marketplace to build on the home and baby categories.

Lastly, the company said it expects to complete its $1-billion, three-year share repurchase plan by the end of fiscal year 2021, two years ahead of schedule.

 "We are three quarters into a 12-quarter turnaround, which is substantial, but we believe we are on track and excited about that," Bed Bath & Beyond CEO Mark Tritton said Wednesday on CNBC's "Squawk On The Street."

Tritton referred to the series of announcements as "big bold moves" focused on two prongs. 

The first prong is centered around "creating authority in the home and baby spaces," the CEO said. The partnership with Kroger and the launch of a digital marketplace are both focused on the home and baby spaces, he added.

"Clearly we've stepped in and partnered here with a great partner for a very specific purpose — for growth and authority.

"The second prong is really about that sustained shareholder value," the Bed Bath & Beyond CEO said. The share repurchase program shows the confidence the company has in its three-year plan, Tritton said.

"We'll be prudent within the year on when and how we purchase. Obviously, this was a big rock and it's created some big ripples and we are not in it for the day by day, we're in it for the long term so we've got a process to assess and evaluate really prudent spend to maximize shareholder value."

BBBY Price Action: Bed Bath & Beyond has traded as high as $53.90 and as low as $13.38 over a 52-week period.

The stock was up 20.35% at $20.16 midday Wednesday.