Shares of Five Below jumped after the company raised its outlook for the year and said its executive chair is departing this year.

The stock was up 12% at $84.20 in premarket trading on Friday. Shares had closed the market down 28% year-to-date yesterday.

The low-cost retailer said it now expects $967 million in revenue for the fiscal first quarter that ended May 3, up from a prior outlook for $905 million to $925 million.

Quarterly earnings, due to be reported early next month, are now expected to be 69 cents to 71 cents a share, or 82 cents to 84 cents a share when adjusted for one-time items. The company had previously guided for 44 cents to 55 cents a share, and 50 cents to 61 cents a share as adjusted.

Five Below also said Friday that co-founder Tom Vellios is going to transition to an advisory role on the board through the end of the year and wrap up his tenure as executive chair at the June 12 annual shareholders meeting.

Mike Devine, a 12-year veteran of the board, is set to be appointed non-executive chair.