Finance & Capital Management

Teen and tween retailer Aeropostale named a new COO and CFO and said its fourth quarter results, while still in negative territory, were not as bad as feared.

San Francisco -- Gap Inc. raised its annual profit guidance based on its fourth-quarter sales and reduced taxes. The retailer expects to report a profit of $2.86 to $2.87 per share for the year, up from its previous estimate of $2.73 to $2.78 per share.

Gap reported that its net sales increased 3% for the quarter, to $4.71 billion compared with $4.58 billion for the fourth quarter last year. Same-store sales rose 2%.

Canton, Mass. - Dunkin' Donuts is recruiting franchisees to develop an estimated 10 new Dunkin' Donuts restaurants throughout Birmingham, Alabama, and the surrounding areas. In addition, a number of existing operating restaurants may be available for purchase.

Currently there are 21 Dunkin' Donuts restaurants operating in Alabama.

New York -- In a surprise move, Kate Spade & Company announced it is closing all 19 of its lower-priced Kate Spade Saturday stores and all 12 of its Jack Spade menswear stores. Both brands will remain in the luxury company's portfolio, with Kate Spade Saturday being folded into Kate Spade, and Jack Spade being sold at other retailers and online. The company also announced a new joint venture to speed its growth in China, where it sees a long-term potential for 100 stores.

Los Angeles -- BH Properties, a Los Angeles-based firm that specializes in acquiring and repositioning challenged or distressed commercial real estate properties, has announced the promotion of Steven Jaffe to chief investment officer and principal of the firm. In this role, Jaffe is responsible for overseeing the acquisition and disposition strategy of the company as well as the company’s overall growth.

Jaffe has been with BH Properties for 11 years, previously holding the title of executive VP and general counsel.

Bebe stores CEO Jim Wiggett credited a compelling merchandise assortment with helping to drive the company’s success in the second quarter.

San Diego – Early results of 2015 suggest it will be a happy New Year indeed for PriceSmart Inc. For the month of January 2015, net sales increased 13.3% to $219.2 million from $193.5 million in January a year earlier.

The retailer’s growth to 36 warehouse stores from 32 a year earlier helped boost sales. In addition, same-store warehouse sales grew 1.7%.
 

New York -- Starbucks Corp. founder and CEO — and currently Time Magazine cover boy — Howard Schultz has lots of opinions about politics and the national agenda, but he is not interested in running for president in 2016.

“I don’t think that’s a solution. I don’t think it ends well,” Schultz told Time in a wide-ranging interview its Feb. 16 edition.