By  on January 18, 2008

- GAP CFO: Gap Inc. promoted Sabrina Simmons to chief financial officer on Thursday. Simmons, 44, previously served as the company's executive vice president of corporate finance and acting cfo. She joined Gap seven years ago as president and treasurer. Glenn Murphy, chairman and chief executive officer, said in a statement that, after "working closely with Sabrina, it became clear that she has proven herself to be extremely capable and is the right person to partner with me and our business leaders to drive our financial priorities."

- BULLISH ON LULULEMON: Analysts at Oppenheimer raised full-year earnings estimates for Lululemon Athletica Inc. Thursday. Analyst Vivian Ma increased her earnings per share guidance to $1.21 a diluted share from a prior estimate of $1.17 a share. Despite a gloomy holiday season at most apparel retailers, Ma said Lulu's fourth-quarter same-store sales could meet their estimate of more than 30 percent growth. Oppenheimer also reiterated their "outperform" rating. "We came away from a meeting with Lulu management at the ICR Xchange Conference feeling more confident about the story," she wrote in a research note. "Management appears happy about their holiday results and our store checks consistently indicate strong demand and sell-through even for the highest-priced items such as outerwear."

-KELLWOOD OFFER: Calling Sun Capital Securities Group's $21-a-share offer for Kellwood Co. "a handsome premium to shareholders at a fair valuation for the company," institutional money manager Discovery Group, which holds a 1.5 percent stake in Kellwood, urged the board to negotiate with its suitor. Discovery said it intends to submit its 391,100 shares of Kellwood stock to the Sun offer. On Tuesday, Kellwood advised shareholders not to act in response to Sun's third acquisition offer and said its board would make a recommendation "in due course."

To access this article, click here to subscribe or to log in.

To Read the Full Article
SUBSCRIBE NOW

Tap into our Global Network

Of Industry Leaders and Designers

load comments
blog comments powered by Disqus