Dive Brief:

• Thanks to continued robust sales at its Old Navy brand, Gap Inc. reported Q4 revenue growth of 3%. Overall full-year same-store sales were flat for the company, but rose 5% at Old Navy stores, Gap said Thursday. Same-store sales at Gap stores dropped 5% for the year, with same-store sales at Banana Republic flat for the year. 

• The retail company forecast declining profits due to the strong U.S. dollar and ongoing costs associated with shipping delays at West Coast ports.

• The company also announced a $1 billion share buyback program.

Dive Insight:

Old Navy to the rescue once again for Gap Inc., which has seen its flagship brand falter consistently for a few years now. The company recently let go its creative director, Danish branding guru Rebekka Bay. CEO Art Peck is newly aboard at the company, and many are looking forward to new ideas coming from him soon.