A surging American Eagle Outfitters names CEO—finally

Everything old is new again at American Eagle Outfitters, apparently with good reason.

The teen apparel retailer on Wednesday named Jay L. Schottenstein as CEO, effective immediately. Schottenstein, who has served as interim chief since January 2014, will also continue in his role as executive chairman of the board. The news of his appointment came as the retailer reported a strong increase in its third quarter earnings. It was the chain’s third consecutive quarter of increased sales and profits.

“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 American Eagle’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.”

Schottenstein, the company's fifth largest shareholder, has served as chairman of American Eagle, since March 1999. He previously held the role of CEO from March 1992 until December 2002.

For the third quarter ended Oct. 31, American Eagle’s net income increased to $74.1 million from $9 million in the year ago period.

Total net revenues rose 7.6% to $919.1 million from $854.3 million. Same-store sales were up 9%.

The retailer said its holiday sales were off to a strong start.

"The holiday season is off to a solid start, and we are optimistic as we look ahead," Schottenstein stated,