Apparel

Gap Inc. is raising its profit guidance based on its fourth-quarter sales and reduced taxes.

The retailer says it expects to report a profit of $2.86 to $2.87 per share for the year, up from its previous estimate of $2.73 to $2.78 per share. Analysts expected $2.74 per share on average.

The San Francisco company says its total fourth-quarter sales grew 3% to $4.71 billion compared with $4.58 billion for the fourth quarter last year.

Chain Store Age’s exclusive media partnership with Silicon Valley accelerator Plug and Play Tech Center offers many benefits. Among them is the chance to escape to the warmth and sunshine of northern California from one of the snowiest winters in the history of New England.

New York -- Forever 21 opened a 36,000-sq.-ft. store on Manhattan’s Fifth Avenue, joining such other fast-fashion retailers already in the neighborhood as Uniqlo, H&M and TopShop.  

The four-level space houses all of retailer’s collections under one roof, including Forever 21 Men. The store is located in a building that formerly housed an H&M store, which closed in December when the retailer moved to a different location on Fifth and 48th Streets.

San Francisco -- Gap Inc. raised its annual profit guidance based on its fourth-quarter sales and reduced taxes. The retailer expects to report a profit of $2.86 to $2.87 per share for the year, up from its previous estimate of $2.73 to $2.78 per share.

Gap reported that its net sales increased 3% for the quarter, to $4.71 billion compared with $4.58 billion for the fourth quarter last year. Same-store sales rose 2%.

Teen and tween retailer Aeropostale named a new COO and CFO and said its fourth quarter results, while still in negative territory, were not as bad as feared.

For Los Angeles-based fashion retailer Forever 21, the journey from a single location on Figueroa Street in L.A. in 1984 to more than 680 global locations today has been transformative. Over the last three decades, the brand has not shied away from innovation and experimentation, implementing a range of different store sizes and concepts along the way: from smaller 5,000-sq.-ft. layouts in its early years, to larger 9,000-sq.-ft. concepts in the 2000s and a range of big-box stores that range up to 40,000 sq. ft.

Indianapolis -- The Finish Line announced that Imran Jooma has joined the company as chief omnichannel officer and executive VP. He will be responsible for all of the Finish Line brand’s customer facing touch-points including digital, store operations, the customer care center and brand marketing

Forever 21 has joined the crowded fast fashion scene on New York City’s Fifth Avenue by opening a new 36,000 square foot flagship store.

The store is spread out over four floors and will carry Forever 21 Men, Forever 21+, F21 Contemporary, basics, denim and shoes.

The new flagship takes over the site of a former H&M store, which closed in December a few months after the opening of its own new flagship on 48th Street.