LOS ANGELES — Gap Inc. has named Tom Wyatt as president Old Navy, the company announced Thursday.
Wyatt, 53, had been serving as interim president for the beleaguered retail chain since February, following the departure of Dawn Robertson, who became president of Sean John earlier this month.
“In the last six months, Tom unified the organization and brought renewed focus to our customer target, while making the tough changes necessary to get the brand back on track. He is the ideal business leader for Old Navy,” Gap Inc. chairman and CEO Glenn Murphy said in a statement.
Of Gap Inc.’s three retail divisions, which include Gap and Banana Republic, Old Navy has suffered the greatest declines in same-store sales in recent quarters. In an attempt to revive interest in its apparel, the retailer hired designer Todd Oldham as creative director last year, a few months after Gap announced it had tapped former Paco Rabanne artistic director Patrick Robinson to oversee design at the San Francisco-based purveyor of casual apparel.
Also on Thursday, the company reported that second quarter net earnings increased 51 percent, though comparable store sales dropped 10 percent.
Widespread reductions in costs, from reducing capital expenditures to bringing in less inventory, helped the bottom line, but Gap still suffers from poor traffic in its stores.
For the quarter ended Aug. 2, net earnings were $229 million, or 32 cents a share on a diluted basis, compared with $152 million, or 19 cents a share, for the second quarter last year. The 2007 second quarter diluted earnings per share included 2 cents of expenses related to the company’s cost-reduction initiatives.
Excluding the 2 cents a share of expenses, second quarter diluted earnings per share last year on a non-GAAP basis were 21 cents a share.
“External conditions aside, we continue to deliver improved earnings with healthy margins and I am pleased with our second quarter results,” Murphy said in a statement. “While we continue to pursue our 2008 financial strategy, we are very focused on bringing more customers into our stores.”
Second-quarter net sales were $3.5 billion, compared with $3.69 billion in the year-ago period.
@tradesy is turning the concept of a showroom upside down with its new space in Santa Monica. Here, the company plans to hold events, art exhibits and a showcase rare fashion pieces like this Louis Vuitton boxing set. Get all the details on Tradesy’s first showroom on WWD.com. #wwdnews
Spotted last night at the @erdem x @hm launch event: Kate Bosworth, Rashida Jones, Kirsten Dunst and Selma Blair. The party, which took place in LA, also marked the opening of their pop-up shop. “I was interested in creating a collection that wasn’t in any way disposable. It was about pieces you’d create and keep forever, things that have a permanence to it,” designer Erdem Moralioglu said. #wwdeye (📷: Katie Jones)
Renee Zellweger in yellow in 2001 and again in 2017. Chosen as one of the 12 @pantone Leading Spring Colors (and dubbed “Meadowlark”), it only makes sense that the bright hue stands the test of time and is making a resurgence this season, seen already on stars like @blakelively and @gigihadid. (📷: Donato Sardello & @rexfeatures) #wwdfashion #tbt
Dior’s 70th anniversary celebration continues with a new exhibition at the Royal Ontario Museum in Toronto. “Christian Dior,” which is scheduled to run through March 18, takes a look at the founders tenure from 1947 to 1057 and feature 40 designs. Pictured here is an evening gown from the Ailée, fall 1948-49 haute couture collection. #wwdfashion (📷: Brian Boyle)
As one of the most recognizable models in the world, Christy Turlington Burns has an insider’s view of the fashion industry and the allegations of sexual harassment swirling around it. “I can say that harassment and mistreatment have always been widely known and tolerated in the industry. The industry is surrounded by predators who thrive on the constant rejection and loneliness so many of us have experiences at some point in our careers,” Turlington told WWD, along with her suggestions for how the modeling world should protect younger women and men. Read more on WWD.com. Link in bio. (📷: Tony Palmieri) #wwdnews
@asics America has tapped a new brand ambassador: famed DJ/record producer @steveaoki. This initiative is intended to set the tone for the new brand identity and philosophy and will include partnerships with influencers and in-store and off-line activations that will continue into next year. This is Asics’ most significant marketing effort in two decades, and is expected to attract younger consumers to the brand. #wwdfashion
24-year-old Jean Prounis is redefining the rules of jewelry. Formerly a studio assistant to Jemima Kirke and a design apprentice at Ghuran, she focuses on handcrafted subtleties and ancient goldsmithing techniques. “There was a really sterile feel in the environment and I wanted to have jewelry with character that shapes how you wear it everyday,” Prounis said. Each piece is hand made in New York, either by Prounis or three other jewelers in the district. #wwdfashion
“These collections continue to build on that vision, empowering differently abled adults to express themselves through fashion,” said @tommyhilfiger of his line of adaptive apparel, which launches today. The line consists of 37 men’s and 34 women’s styles based upon the pieces from the spring Tommy Hilfiger sportswear collection. #wwdnews