By Dhirendra Tripathi

Investing.com – Signet Jewelers stock (NYSE:) rose 2.2% on Thursday after the diamond retailer raised its fourth-quarter forecast for the second time in seven weeks.

The company’s decision to put more money into its ongoing share buyback is also boosting the share price.

Remarkable holiday season sales drove the revised outlook, which included revenue growth of over 30% and comparable store sales 25 percent higher during the nine week period ending January 1.

Signet estimates that $2.4 trillion was the preliminary holiday season’s total sales. According to Signet, sales were broad-based and all categories of merchandise saw double-digit growth. It stated that increased marketing spending and labor expenditure supported consumers’ shopping habits.

According to the company, January sales were strong at the single digits. This is due to some shifts in customer behavior during the quarter. The company stated that it expects to see a sequential acceleration in same-store sales from the third quarter through the fourth quarter with 10 remaining shopping days.

Signet expects fourth quarter revenue to be $2.77 Billion, and same-store sales will rise 22%. Revenue was expected to increase to $2.48 Billion, as per previous guidance. The adjusted operating income now stands at $388million, versus $317million at the upper end of its prior guidance.

According to the company, it plans on adding $500 million to $184 million of share repurchase funds. The company stated that it plans to sign a $250 million accelerated stock repurchase agreement. After this period, $434 million will remain.