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Ex-Penney executive to join Gap as marketing adviser
(Reuters) - Michael Francis, who left J.C. Penney Co Inc (JCP.N) in June, will join Gap Inc (GPS.N) as a marketing adviser, the clothing company said on Tuesday.
Francis had been with J.C. Penney only eight and a half months before stepping down. Before that, he was with Target Corp (TGT.N).
"We see Mr. Francis as an asset to Gap given his impressive track record at Target and international experience," analyst Randal Konik with Jefferies & Co wrote in a note to clients.
"We believe marketing will be key in helping drive traffic and keeping the same store sales momentum over the next several quarters."
In August, Gap same store sales, or sales at stores open at least a year, rose 9 percent, beating Wall Street estimates.
Francis begins his new job on September 17.
Gap has added many executives over the year, as it recreates the look of its merchandise. The company's "Be Bright" and other recent campaigns have been successful in turning around sales at the retailer, which many had thought was becoming obsolete.
Last month, bright colored-jeans and tight inventories helped the company post a higher quarterly profit and the retailer also raised its full-year forecast.
Gap shares were up 2 cents at $35.15 in after-hours trading.
(Reporting by Nivedita Bhattacharjee in Chicago; Editing by M.D. Golan)
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