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Children's Place shares soar after earnings beat, dividend doubles

A sign outside The Children's Place store in Irvine, California.
Scott Mlyn | CNBC
A sign outside The Children's Place store in Irvine, California.

Children's Place shares soared Wednesday after the company reported encouraging fourth-quarter results and full-year guidance.

The retailer also announced that it will double its quarterly dividend from 20 cents to 40 cents per share.

Shares surged more than 18 percent during the session, for gains of more than 73 percent over the past 12 months.

The children's apparel retailer reported adjusted quarterly earnings of $1.88 per share, up 58 percent year-over-year and above the $1.59 a share estimate from analysts polled by Thomson Reuters. However, revenue of $520.8 million missed the $522.2 million forecast.

Same-store sales jumped 6.9 percent for the quarter, slightly better than the 6.8 percent analysts expected, according to FactSet.

The company also gave 2017 guidance above estimates. Children's Place said it expects adjusted earnings per share between $6.50 and $6.55, well above the Reuters consensus forecast of $5.85 a share.

Children's Place shares 1-year performance