American Eagle Outfitters CEO Jay Schottenstein said Thursday that the U.S. mall is “not dead” and that the decade is becoming a profit for businesses.
The clothing retailer plans to expand its double-digit sales growth streak to 27 quarters and maintain its position as a leader in denim, Schottenstein said in a CNBC appearance.
“We’re very excited, you know, about the future of the mall,” he said in a conversation with Jim Cramer about “Mad Money,” and we think that when things get better and the pandemic goes away … we can be watching the “roaring years.”
Schottenstein is one of many hopeful figures who predict that the current decade will reflect the growth of a century ago. Consumer spending, driven in part by the latest round of stimulus controls, rose nearly 10% in March, the latest positive sign of economic expansion and growing confidence.
“The sales we’re making, like this quarter, … all stores compete and we do it with 50% capacity,” Schottenstein said.
The comments come a day after the Pittsburgh-based retailer said first-quarter fiscal business exceeded projections, driven by government economic stimulus and accumulated demand, especially for jeans. Shares of American Eagle Outfitters hit new highs, continuing a rally that kicked off in late March.
Shares of the company have risen 29% since March 24.