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American Eagle Outfitters raises 2Q profit outlook
PITTSBURGH (AP) — Teen apparel retailer American Eagle Outfitters Inc. on Thursday raised its second-quarter profit outlook, despite an 11 percent decline in July same-store sales.
The retailer now predicts second-quarter income of 16 cents per share, including a tax benefit of 2 cents per share. American Eagle previously expected earnings between 12 cents and 15 cents per share.
Sales for the second quarter decreased 5 percent to $657.6 million.
Analysts expect second-quarter profit of 14 cents per share and sales of $663.2 million.
Separately, the company's same-store sales declined 11 percent in July, worse than Wall Street expected.
The company is scheduled report second-quarter results on Aug. 27.
Shares of American Eagle rose 59 cents, or 4.2 percent, to $14.55 in premarket trading. The stock has ranged from $6.98 to $18 over the past year.