US clothing chain American Eagle Outfitters has announced its Interim Chief Executive Jay L Schottenstein will be taking on the role of permanent CEO, following a steep rise in sales.
The three months to October 31 saw an 8% rise in sales compared to the same period last year, whilst net profits increased from £6m in 2014 to a staggering £49.6m.
The chain credited a “swift recovery” to Schottenstein who has overseen the revival of the clothing retailer since taking on the interim post in January 2014.
“Jay has orchestrated a swift recovery since taking the helm, successfully guiding the company through a challenging and highly competitive retail environment,” said Michael Jesselson, Lead Independent Director for AEO’s Board of Directors. “He has exceptional instincts for our brands, a strong strategic vision and proven ability to lead the company to profitable growth. On behalf of the entire Board, we are pleased to have Jay’s commitment and the leadership continuity that this appointment brings.”
“Nearly two years ago, we set priorities to strengthen the merchandise, reinvigorate our brands and deliver profit improvement,” Schottenstein said, commenting on his appointment. “As a result, we have achieved several quarters of sales and earnings growth in a tough retail landscape. This success is a true testament to the strength of our leadership team, dedication and talent of our associates and the power of our brands. I am convinced we have the best opportunity in retail today, and we will stay focused on driving profitable growth across our brands, channels and geographies.”