By  on May 2, 2012

American Eagle Outfitters Inc. raised its first-quarter guidance Wednesday, citing better sales and fewer promotions.

The teen retailer increased its profit projection to a range of 18 cents to 20 cents a diluted share, from between 8 cents and 10 cents a share. Investors applauded the news, driving the stock up 16.7 percent to $20.88.

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