US Eagle Outfitters CEO Jay Schottenstein said on Thursday that the US mall is “not dead” and that the decade is shaping up to be a business advantage.
The apparel distributor anticipates expanding its comparable double-digit sales growth line to 27 quarters and maintaining its leading position 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 on “Crazy Money,” and we think that when things get better and the pandemic goes away … we can be on the 20 Roaring ”. “
Schottenstein is one of many hopeful figures who predict that the current decade will reflect the growth of a century ago. Consumer spending, partially boosted by the latest round of stimulus checks, rose by almost 10% in March, the latest positive sign of economic expansion and growing confidence.
“The sales we make, as in this quarter, … all the stores are in line and we make them at a capacity of 50%,” Schottenstein said.
The comments come a day after the Pittsburgh retailer said that business in the first fiscal quarter exceeded projections, driven by the government’s economic stimulus and reloaded demand, especially for jeans. The actions of the American Eagle Outfitters reached new highs, continuing a rally that began at the end of March.
The company’s shares have risen 29% since March 24.