Gap Shows Off Earnings Improvement and $1B Share Buyback

Shares of the Gap (GPS) rallied in Friday's trading session after the retailer showed an improvement in its quarterly earnings figures, making it TheStreet's Move of the Day. Gap posted fourth quarter profits that edged out estimates. Revenue was in line with expectations. The apparel retailer also announced its $1 billion share repurchase program. Plus, Gap said it will increase its annual dividend. CEO Art Peck revealed Wendi Goldman would join the brand as its new head of product design and development. Goldman spent over a decade at L Brands (LB). Last year, Gap hired former J. Crew designer Marissa Webb to help turnaround its higher-priced Banana Republic. The brand made a splash in its first-ever New York Fashion Week presentation earlier this month. TheStreet's Kurumi Fukushima reports in New York.