Finance & Capital Management

BENTON HARBOR, Mich. -- Whirlpool Corporation announced fourth-quarter net earnings of $171 million, or $2.19 per diluted share, compared with $95 million, or $1.24 per diluted share reported during the same period last year.  Fourth-quarter adjusted diluted earnings per share totaled $2.11 compared with $1.67 in the prior year.  Sales of $5 billion increased 4% from the fourth quarter of 2009.

Fourth-quarter operating profit totaled $202 million compared with $199 million in the prior year.  

New York City -- Gap announced a series of changes to help revive its struggling namesake division, which hasn't posted a gain on an annual basis since 2004. The company has tapped the head of its outlet division, Art Peck, to replace Marka Hansen as leader of the Gap brand for North America, effective immediately. Peck is credited with growing the company’s highly-profitable Outlet business for the past three years. He also has been a primary architect of the company’s franchise business and international growth platform.

NEW YORK -- AnnTaylor Stores announced that, based upon stronger than anticipated fourth quarter sales, including positive comparable sales at both the Ann Taylor and LOFT brands, the company expects to report top-line and bottom-line results for the fiscal fourth quarter of 2010 that will exceed the current consensus of analyst expectations and be substantially higher than the fourth quarter of 2009.  The company said it also expects to report substantially stronger sales and earnings for fiscal year 2010 over fiscal year 2009.

New York City -- Teen retailers Abercrombie & Fitch Co., Aeropostale and American Eagle Outfitters will stop reporting monthly sales after Thursday.

Many retail executives say reporting sales from stores open at least a year puts too much focus on short-term results. 
 

EL SEGUNDO, Calif. -- Mattel reported that for the fourth quarter, net income was $325.2 million, or 89 cents per share, compared with last year’s fourth quarter net income of $328.4 million, or 89  cents per share. For the year, the company reported net income of $684.9 million, or $1.86 per share, compared with last year’s net income of $528.7 million, or $1.45 per share.

New York City -- Safeway will combat an aggressive crop of new rivals with an expansion that includes nine stores in the West, of which six will be in the San Francisco Bay area, according to the Oakland Tribune.

The chain plans to open stores in Pleasanton, Castro Valley, El Cerrito, Campbell, Los Gatos and Burlingame. It also is working to obtain city approvals for stores in Pleasant Hill, Emeryville and Berkeley, the report said, and is eyeing a new store in the Oakland hills.

HOFFMAN ESTATES, Ill. -- Sears Holdings announced that as part of the continuing transformation of the company, Scott Freidheim has been appointed EVP, president Kenmore, Craftsman and DieHard.

"Scott is a strong leader who will heighten our focus on our Kenmore, Craftsman and Diehard brands," said Bruce Johnson, interim CEO and president of Sears Holdings. "I believe he will be a tremendous asset to this business as we drive new ideas forward."    

NEW YORK -- New York & Company announced that it has promoted Gregory Scott, president, to the role of CEO effective Feb. 12. As previously announced, Richard Crystal, current chairman and CEO, will retire from the company and its board of directors effective Feb. 11. Grace Nichols, who has served as a director since March 2008, will assume the role of non-executive chair of the board effective Feb. 12. Scott will remain a director of New York & Company’s board, which will be comprised of ten members.