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American Eagle names new CEO as sales rise

American Eagle Outfitters has named interim chief executive Jay L Schottenstein as its new CEO, as it reported a rise in sales of 8% to $919.1m (£615m) for the three months to October 31 compared with the same period in 2014.

The retailer credited Schottenstein with the business’s “swift recovery” since he took over the interim post in January 2014.

Net profit increased to $74.1m (£49.6m) from $9m (£6m) a year earlier.

Neil Saunders, chief executive of analyst Conlumino, said: “While the solid revenue increases at American Eagle Outfitters come off the back of relatively soft comparatives from last year, they are nevertheless evidence that the self-help measures the company has been employing continue to pay dividends. This is especially so as they have been achieved against the backdrop of a teen fashion market that remains subdued and competitive, and during a quarter when the weather was mostly against apparel retailers.”

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