Jay Schottenstein, CEO of American Eagle Outfitters said Thursday that the US shopping mall is not dead and that the decade is shaping up to be a boon for business.
Schottenstein said in a CNBC appearance that the apparel retailer anticipates extending its double-digit comparable sales growth streak to 27 quarters and retaining its position as a leader in denim.
We are very excited about the future of the mall, he said in a conversation with Jim Cramer on Mad Money, and we think that when things go better and the pandemic goes away we can look at the 'Roaring 20s' Schottenstein is one of many hopeful figureheads who predict that the current decade will mirror the growth of the century ago ago.
Consumer spending, which was partly stimulated by the latest round of stimulus checks, surged in March to nearly 10%, the latest positive sign of economic expansion and growing confidence. We 're doing the sales like this quarter, all stores are comping and we 're doing it at a 50% capacity, Schottenstein said.
The comments come one day after the Pittsburgh-based retailer said that business for fiscal first quarter is exceeding projections, driven by government economic stimulus and pent-up demand, especially jeans.
Shares of American Eagle Outfitters hit new highs, a rally that kicked off in late March. The stock of the company has risen since March 24 to 29%.