FINANCE

Gap Restates Profit

BY CSA STAFF

San FranciscoSan Francisco, Gap Inc. has restated its profit for the past three years to reflect a change in how the retailer accounts for its store leases. The revisions produced a minor lift for the chain. Gap said it earned $378 million in the fourth quarter of last year compared with the previously reported $370 million. The company’s 2003 profit rose by $600,000 to $1.301 billion while 2002 net income edged up $300,000 to $478 million.

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FINANCE

RedEnvelope Replaces CFO

BY CSA STAFF

San Francisco, RedEnvelope Inc. says its CFO, Eric Wong, will resign, effective on or about April 18. He will be replaced by Polly Boe, who most recently served as CFO of Sundance Catalog.

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ECOMMERCE

Management Shakeup Begins at Sears

BY CSA STAFF

Hoffman Estates, Ill., Four Sears, Roebuck and Co. executives were terminated, according to a report in the Chicago Sun-Times. The shakeup comes a week after Kmart’s $12.3 billion takeover of Sears was approved.

The terminated employees include:

• Bill Bass, senior VP of e-commerce at Lands’ End and the head of Sears’ online and catalog operations. He will be replaced by Kmart’s Chris Shimojima, who becomes general manager of online and catalog sales.

• Gary Kelly, Sears CIO. Kmart’s Karen Austin will replace him as CIO.

• Bob O’Leary, head of public relations and government affairs. He will be replaced by Sears’ Edgar “Ted” McDougal.

• Greg Lee, head of human resources. He will be replaced by Sears’ Bob Luse.

In addition to these executive changes, Sears executive VP of store operations William White III will retire. Also, Catherine David, who leads Sears’ Great Indoors concept, will take additional responsibility for the Sears Essentials and Sears Grand formats, and Rob Lynch will become general manager of the Orchard Supply hardware chain.

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