Jay Schottenstein, CEO of American Eagle Outfitters, said Thursday that the American mall “is not dead” and that the decade is going to be a boon for business.
The apparel retailer expects its double-digit comparable store sales growth to expand to 27 quarters and maintain its position as a leader in denim, Schottenstein said in a CNBC appearance.
‘We are 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 it gets better and the pandemic goes away … we’re looking at the ‘Roaring 20s’. “
Schottenstein is one of the many hopeful figureheads who predict that the current decade will reflect the growth of a century ago. Consumer spending, boosted in part by the latest round of stimulus, rose nearly 10% in March, the latest positive sign of economic expansion and growing confidence.
“The sales that we’re doing, like this quarter, … all stores are in and we’re doing it at 50% capacity,” said Schottenstein.
The comments come a day after the Pittsburgh-based retailer said things are exceeding expectations for the fiscal first quarter, driven by government economic stimulus and pent-up demand, especially for jeans. Shares of American Eagle Outfitters hit new highs, continuing a rally that started in late March.
Shares of the company are up 29% since March 24.