Gap, Inc.

Los Angeles -- Drybar, the leading blowdry-only salon concept, has received a $20 million investment led by SPK Capital and existing investor, Castanea Partners.
 

Conshohocken, Pa. -- Ikea is planning to raise the hourly minimum wage for employees in its U.S. stores by an average 17%, beginning January 1, 2015. In a move unprecedented among U.S. retailers, Ikea’s wage hike will vary in that it will be based on the cost of living in each store’s location. According to Ikea, the change will take the average minimum hourly wage in its existing U.S. stores (as of June 2014) to $10.76, a $1.59 or 17% increase, and $3.51 above the current federal minimum wage.

San Francisco – Gap Inc. has reportedly experienced a 10% increase in job applications since its February announcement that it would raise its minimum wage for employees to $10 per hour by 2015. According to Bloomberg, the increase has occurred across all Gap brands, including Banana Republic and Athletica, but has been most pronounced at Old Navy, where applications had previously been declining.

New York -- Costco Wholesale Corp. was among the retailers who topped sales expectations in May as warmer weather encouraged consumers to go out and shop.

Costco’s same-store sales rose 6% in May, with a 6% rise in U.S. sales and a 4% increase in international sales, better than analysts had expected.

At L Brands, owner of Victoria's Secret and Bath & Body Works, same-store sales were up 3 in May, better than projections. Total revenue for the month rose 4% to $763.6 million.

San Francisco -- Gap Inc. on Thursday said its first-quarter profit dropped 22%, hurt by weakening foreign currencies.

The retailer earned $260 million in the three-month period ended May 3, down from $333 million in the year-ago period. Revenue increased 1.2% to $3.77 billion. Same-store sales were down 1%.

Arlington, Va. - The Retail Industry Leaders Association (RILA), along with several retail brands, has launched the Retail Cyber Intelligence Sharing Center (R-CISC), the centerpiece of which is a Retail Information Sharing and Analysis Center (Retail-ISAC).

New York -- Many retailers reported better than expected sales in April, helped by warmer weather and a later-than-usual Easter. Gap Inc., L Brands, Costco Wholesale Club, The Buckle, Stein Mart and Zumiez all came in ahead of analysts estimates.

At Gap Inc., same-store rose a better-than-expected 9% in April. By banner, sales were up 3% at Gap stores, 7% at Banana Republic and 18% at Old Navy. Analysts had expected Gap’s total same-store sales to inch up 0.1%.

San Francisco -- Gap Inc. highlighted its use of technology and innovation to bridge the growing digital world with its physical stores at the company’s annual meeting with investors. In new initiatives, the retailer is expanding its reserve in-store service to all U.S. Gap stores by the end of the second quarter, enabling online and mobile shoppers to now reserve items at more than 1,000 Gap and Banana Republic store locations.