American Eagle Outfitters Inc. said late Thursday its board has approved a 31% increase in the retailer’s dividend, to 18 cents a share. The dividend is payable on July 23 to shareholders of record at the close of business on July 9. “Following a record first quarter result, the increase reflects our confidence in the growth potential of our leading brands,” Chief Executive Jay Schottenstein said in a statement. Shares of American Eagle were flat in the extended session after ending the regular trading Thursday down 0.8%.

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