Finance & Capital Management

San Francisco – Gap Inc. will raise the minimum hourly wage for all U.S. employees to $9 in 2014, and then raise it again, to $10, in 2015. The move will affect about 65,000 store employees across the company’s brands, which include Gap, Banana Republic, Old Navy, Piperlime, Athleta, and Intermix. Gap's announcement comes amid a nationwide debate about the minimum wage.

HSNi ended 2013 with record customer levels at its HSN and Cornerstone brands, which bolstered the company’s fourth-quarter results.

The company’s total net sales grew 4% over the prior year to $1 billion.

Dublin, Calif. - Ross Dress for Less will open four new locations in the greater Chicago area on March 8, 2014. These openings bring the total number of Chicago area stores to 35 for the retailer.

Walmart knew fourth quarter results announced Thursday morning were going to be bad and its outlook weak so it gave investors something more substantial to digest by announcing plans to double the number of small format stores it will open this year and an increased omnichannel focus.

Danbury, Conn. - Ethan Allen Interiors Inc. has appointed Daniel R. Bradley as its senior VP, Furniture Group. Bradley will lead the merchandising and manufacturing operations for the furniture group.

Bradley’s career in the home furnishings industry includes his most recent role at Furniture Brands International Inc. where he served as president designer brands. Prior to assuming that role, Bradley served as the president and CEO of Ferguson Copeland Ltd. and previously was president of Baker, Knapp and Tubbs.

New Albany, Ohio -- Abercrombie & Fitch Co. has confirmed that Engaged Capital, which it says owns approximately 0.58% of the outstanding shares of Abercrombie & Fitch, has submitted notice to nominate five candidates to stand for election to the Abercrombie & Fitch board of directors.

One of the bright spots in Walmart’s otherwise dismal fourth quarter was an online business that grew 30% to $10 billion and is forecast to exceed $13 billion this year.

Every executive participating in the company’s prerecorded earnings call Thursday morning spoke in some form or fashion about key digital initiatives and Walmart’s unique capabilities in the area of e-commerce. For example, Walmart president and CEO Doug McMillon sees an environment in which the company has the potential to create transformative growth in global e-commerce and mobile commerce.

Bentonville, Ark. – Wal-Mart Stores Inc. is doubling its projected growth of small format stores as the retailer reports declining net income and weak sales growth for the fourth quarter and fiscal year 2014.