American Eagle Outfitters : CEO expects ‘Roaring 20s’-like boom for malls post-pandemic
April 16, 2021 at 03:39 pm EDT
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American Eagle Outfitters CEO expects 'Roaring 20s'-like boom for malls post-pandemic
April 16, 2021
|In News & Media
|By Alexis Tragos
American Eagle Outfitters CEO Jay Schottenstein said he expects mall traffic to rebound and the next decade to be a boon for business as consumers emerge from the coronavirus pandemic with confidence.
'We're very excited, you know, about the future of the mall … and we think that when things get better and the pandemic goes away … we can be looking at the 'Roaring 20s,'' he said in a 'Mad Money' interview.
'The mall is not dead. The mall is still alive,' Schottenstein said.
By: Tyler Clifford | Link to article
American Eagle Outfitters CEO Jay Schottenstein said Thursday that the U.S. shopping mall 'is not dead' and that the decade is shaping up to be a boon for business.
The apparel retailer anticipates extending its double-digit comparable sales growth streak to 27 quarters and retaining 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 on 'Mad Money,' 'and we think that when things get better and the pandemic goes away … we can be looking at the 'Roaring 20s'.'
Schottenstein is one of many hopeful figureheads who predict the current decade will mirror the growth of a century ago. Consumer spending, spurred in part by the latest round of stimulus checks, surged nearly 10% in March, the latest positive sign of economic expansion and growing confidence.
'The sales we're doing, like this quarter, … all the 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 business for the fiscal first quarter is exceeding projections, driven by government economic stimulus and pent-up demand, especially for jeans. Shares of American Eagle Outfitters hit new highs, continuing a rally that kicked off in late March.
The company's stock has climbed 29% since March 24.
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American Eagle Outfitters Inc. published this content on 16 April 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 16 April 2021 19:38:06 UTC.
American Eagle Outfitters, Inc. is a global specialty retailer. The Company offers clothing, accessories and personal care products under its American Eagle and Aerie brands. The Company operates through two segments: American Eagle and Aerie. American Eagle is an American jeans and apparel brand. Aerie is a lifestyle brand offering intimates, apparel, activewear, and swim collections. OFFLINE by Aerie offers a complete collection of activewear and accessories. The Company sells its products directly to consumers through its retail channel, which includes its stores and concession-based shops-within-shops. It operates stores in the United States, Canada, Mexico, and Hong Kong. The Company has license agreements with third parties to operate American Eagle and Aerie stores and online marketplace businesses throughout Asia, including India, Europe, Latin America, and the Middle East. The Company also operates Todd Snyder New York (Todd Snyder), a premium menswear brand.
AMERICAN EAGLE OUTFITTERS, INC. 
