Mass Merchant

SAN FRANCISCO — Gap Inc. has named Jill Stanton to the newly-created role as creative advisor for Old Navy and Liz Meltzer as SVP Gap international merchandising.

“Boosting our already-strong creative talent is a key focus in 2012,” said Glenn Murphy, chairman and CEO of Gap Inc. “On the heels of Tracy Gardner coming back to Gap, we are thrilled that Jill Stanton will bring her talent and proven business experience as creative advisor to Old Navy to help us deliver consistently great product.”

Little Rock, Ark. -- Dillard’s Inc. reported Thursday that profit for the fourth quarter rose to $141.5 million from $109.6 million a year earlier, beating analysts’ expectations.

Sales edged up 2% to $1097 billion. Same-store sales rose 3%.
 

By Dave Spargo, [email protected]

Naperville, Ill. -- OfficeMax Inc. reported Thursday that net income for the quarter ended Dec. 31 dropped to $2.9 million, from $32.8 million a year earlier.

Sales edged up 3.9% to $1.8 billion in the quarter, but dipped 0.4% to $7.1 billion for the full year. Profit for the year was $32.8 million.

Jacksonville, Fla. -- Regency Centers has announced the installation of the company’s first solar energy system at the Shops at Saugus in Saugus, Mass. The 18,740-sq.-ft. photovoltaic array, built with 1,064 rooftop panels, will generate an estimated 250 KW of renewable energy annually. The zero-emission power source will supply nearly 65% of the power needed by the center’s grocer Trader Joe’s.

HOFFMAN ESTATES, Ill. — Sagging sales and declining profits plagued Sears Holdings during the fourth quarter as the company posted a $2.4 billion loss and announced several measures to bolster its balance sheet.

San Francisco -- Gap Inc. reported Thursday that net income for the fourth quarter plummeted 40% on higher costs and aggressive discounting during the holiday selling season.

Net income for the quarter ended Jan. 28 was $218 million, compared with $365 million a year earlier. Sales dipped to $4.28 billion in the quarter, from $4.36 billion, matching Wall Street estimates.

Twenty new Target stores are scheduled to open this year including the company’s first five CityTarget locations and two other units at recently disclosed California locations.

Target said it would open a 135,000-sq.-ft. store in the California coastal town of Capitola, about an hour and a half south of San Francisco, in July. The store will be the company’s second location in Santa Cruz County.