Five Below raised its guidance for the year after second-quarter sales climbed, with the company pointing to a boost from new stores and trendy products.

The value retailer said Wednesday it now expects sales of $5.63 billion to $5.71 billion for the year, up from its prior forecast of $5.4 billion to $5.48 billion. The company now projects full-year adjusted earnings per share of $9.83 to $10.31, compared with a range of $8.65 to $9.05 previously.

For the third quarter, the company projects sales of $1.21 billion to $1.23 billion and earnings per share of $1.01 to $1.13. Analysts polled by FactSet expect sales of $1.15 billion and earnings of 85 cents a share.

The forecasts came as the company reported higher profit and sales in the second quarter that topped Wall Street's forecasts.

"Our crew delivered strong results by collaborating on trend-right product stories at amazing value in stores that are fun and easy to shop," Chief Executive Winnie Park said.

Park also pointed to a boost from the company's growing store footprint. Five Below opened 52 net new stores in the second quarter, ending the period with 2,022 stores, up 8.8% from a year earlier. The expansion, alongside an increase in same-store sales, helped drive the company's overall topline higher.

"The balance between new store growth and double-digit comparable sales growth for the past five quarters is a testament to our operating flywheel gaining momentum," Park said.

Five Below's second-quarter profit came in at $221.4 million, or $3.99 a share, compared with $42.8 million, or 77 cents a share, a year earlier.

Adjusted earnings per share were $1.68, compared with analyst estimates of $1.40, according to FactSet.

Revenue climbed 23% to $1.26 billion, compared with analyst estimates of $1.22 billion.

Same-store sales rose 14%, above analysts' projection for growth of 10%.