American Eagle Outfitter CEO Jay Schottenstein said Thursday that the US mall was “not dead” and that the decade would be a boon for business.
The clothing retailer expects to extend its double-digit, comparable sales growth streak to 27 quarters and to maintain its position as the leading denim supplier, 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 “Bad money, “” and we think if things get better and the pandemic goes away … we can look at the ‘Roaring 20s’. “
Schottenstein is one of many hopeful figureheads predicting that the current decade will reflect growth from a century ago. Consumer spending, partly boosted by the most recent round of economic reviews, rose by almost 10% in March, the latest positive sign of economic expansion and growing confidence.
“The sales that we do, like this quarter, … all deals are in competition and we are doing it with a capacity of 50%,” said Schottenstein.
The comments come a day after the Pittsburgh-based retailer announced it would be in business for the first quarter of its fiscal year Exceed projections, driven by government economic stimuli and pent-up demand, especially for jeans. American Eagle Outfitters stocks hit new highs and continued a rally that began in late March.
The company’s stock is up 29% since March 24.