Gap, Inc.

A jolly holiday season helped Gap Inc. post fourth-quarter earnings and sales that beat expectations, leading to speculation that the chain’s turnaround may be starting to take hold.    The nation’s largest apparel retailer reported net income of $220.0 million, or 55 cents per share, up from $214.0 million, or 53 cents per share, last year.   Sales totaled $4.43 billion, up from $4.39 billion and ahead of the $4.41 billion analysts had expected.   

Gap Inc. reported higher than expected sales for January and the fourth quarter, fueled by strong increases at Old Navy.    The retailer reported that net sales for the four-week period ended January 28, 2017 increased 2% to $828 million.    Total same-store sales for the month rose 1%, led by a 3% gain in the namesake brand and a 2% increase at Old Navy. The ailing Banana Republic continued to slump, with a 4% decrease.   

The CEO of embattled Gymboree Corp. is stepping down.    The children’s apparel retailer said that Mark Breitbard will step down as chief executive once a successor has been named. He will assume the role of chairman of the board, effective February 1, 2017.  

The search is on for a new president of Banana Republic, which has had a hard time finding its footing amid dismal same-store sales results.     Gap Inc. said Tuesday that company veteran Andi Owen, global brand president for Banana Republic, will leave the retailer in late February. Gap CEO Art Peck will directly oversee the brand until the company finds a replacement.   

Consumer electronics and furniture retailer Conn’s has named a COO, along with heads for logistics and service. The retailer named Coleman R. (“CR”) Gaines as president and COO, effective February 1, 2017. Gaines previously spent seven years at TMX Finance in Savannah, Georgia, a consumer retail finance company, where he was most recently the company’s executive VP of store operations.

Consumer electronics and furniture retailer Conn’s has named a COO, along with heads for logistics and service.   The retailer named Coleman R. (“CR”) Gaines as president and COO, effective February 1, 2017.   Gaines previously spent seven years at TMX Finance in Savannah, Georgia, a consumer retail finance company, where he was most recently the company’s executive VP of store operations.     

Gap Inc. turned in a positive holiday performance, reversing a string of declines, fueled by strong results from its Old Navy division and improvements by its namesake unit. The apparel giant also boosted its guidance for the year.    Gap’s net sales for the November and December holiday season edged up 1% compared to the year-ago period. Total same-store sales rose 2%.  

Tech solutions helping secure safety of customers, employees

Retailers have been making investments in technology for years, mainly as a means of improving the customer experience. However, as more shocking incidents, such as active shootings, take place at retail malls, new technology investments focus on solutions that ward off violence.

Rue 21 has added the positions of COO and chief marketing officer to its executive roster.   The chain has promoted Dirk Armstrong to COO. Armstrong has been with rue21 for nearly five years and was formerly senior VP and director of stores. Previously, he served as senior VP, director of stores at Ann Taylor and regional director at Gap Inc.   

The new year will bring a new finance chief to Tailored Brands.