Claire's Stores ( CLE) reported strong results for the first fiscal quarter, and the seller of jewelry and accessories raised its guidance, prompting investors to bid up the stock.

For the first quarter ended May 3, sales increased 14% to $239.8 million from $210.4 million in the same period last year. Same-store sales increased 8% during the period.

Net income rose to $15.6 million, or 32 cents a share, from $8.3 million, or 17 cents share, in the year-ago quarter. Analysts polled by Thomson First Call were expecting earnings of 26 cents in the latest quarter.

The company is now estimating earnings of 40 cents for the second quarter, compared with 31 cents a year earlier. Claire's also raised its guidance for the full fiscal year to $1.95 a share from $1.76. The retailer earned $1.59 in the fiscal year ended Feb. 1.

The consensus second-quarter estimate is 36 cents, and Wall Street's forecast for the year is $1.86.

Claire's also said the leave of absence of Chairman and CEO Rowland Schaefer, which began in November, will be extended for another six months. Marla Schaefer and Bonnie Schaefer will continue to serve in their joint roles as acting co-chairmen and acting CEO.

Shares of Claire's Stores were gaining $1.85, or 6.9%, to $28.71.

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