Although we don't believe in timing the market or panicking over market movements, we do like to keep an eye on big changes -- just in case they're material to our investing thesis.

What: Shares of home goods retailer Restoration Hardware (NYSE: RH) surged 18% today after its quarterly results and outlook topped Wall Street expectations.

So what: Today's first-quarter beat -- adjusted EPS of $0.06 on revenue of $301.3 million versus the consensus of $0.04 and $298.9 million -- and upbeat guidance, suggests that the company's turnaround initiatives continue to gain traction. In fact, same-store sales for the quarter soared 41% over the year-ago period, reinforcing optimism over management's ability to grow profitably going forward.

Now what: Management now sees full-year adjusted EPS of $1.41-$1.47 per share on revenue growth of 23%-27%, nicely above its prior view of $1.29-$1.37 and 19%-22%, respectively. "We are receiving overwhelming support and interest from the landlord community, with offers for leases with more favorable terms that are typically available only to anchor tenants in several of the most prestigious shopping centers in North America," said CEO Carlos Alberini. "We believe that over time, these new deals will enable us to deliver higher sales and increased earnings, reduce our capital investment, and achieve higher ROIC." With the stock now up a whopping 125% from its November IPO and trading at a forward P/E of 40, however, I'd wait for the exuberance to fade significantly before buying into that bullishness.

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Fool contributor Brian Pacampara has no position in any stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.