Old Navy, LLC

New York - Ike Boruchow, analyst, Sterne Agee, reviews Black Friday results in the specialty retail sector:    

San Francisco – Gap Inc. failed to meet Wall Street expectations for net income and revenue in its third quartet as its namesake brand continues to struggle. The retailer cut its annual forecast as sales at its namesake brand continue to fall, Gap’s net income rose 11% to $351 million from $337 million, helped by lower cost of goods sold and taxes.  

SAN FRANCISCO — Gap Inc. is looking to make shopping as easy and convenient this holiday season– regardless of whether shoppers  prefer to shop online, in stores or on their  mobile device.  Plans include the launch of an online Wish List tool that allows shoppers to create a list of most-wanted items from across all five of the company’s brands: Gap, Banana Republic & Banana Republic Factory Store, Old Navy, Athleta and Piperlime.

Perhaps the most aggressive traffic and sales generating promotional effort this Black Friday comes courtesy of Old Navy.

The Old Navy division of Gap, Inc., plans to open its more than 800 stores at 4 p.m. on Thanksgiving day and will price all merchandise at half off for 31 hours until stores close at 11 p.m. on Black Friday. And, if the 50% markdown isn’t sufficient to motivate shoppers, the retailer plans generate store traffic by giving away $1 million to one lucky customer and 1,000 $200 gift certificates.

New York -- A petition to get Old Navy to stop charging more for women's plus-size jeans has gathered more than 36,000 signatures online, Bloomberg reports.  

San Francisco –- Gap Inc. reported declining net and same-store sales for the third quarter and October 2014. For the third quarter Gap’s net sales were $3.97 billion, down 2.5% from $3.98 billion for the third quarter the prior year.  

Dallas -- The Shops at Park Lane, Dallas, has inked deals with seven new retailers and restaurants, with openings slated for late 2014 and into spring of 2015.  

San Francisco -- Gap Inc. reported that it will surpass 100 Gap branded stores across mainland China, Hong Kong and Taiwan on Nov. 8 when the brand opens a location in Guangzhou. The milestone--reached less than four years after the first Gap store debuted in 2010--includes Gap and Gap Outlet stores.