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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Gap Inc | NYSE:GPS | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
1.17 | 5.10% | 24.13 | 24.18 | 23.14 | 23.29 | 6,776,095 | 00:00:00 |
Gap Inc. (NYSE:GPS) today reported fourth quarter and fiscal year 2016 results and provided guidance for fiscal year 2017.
“We’re pleased to finish the year strong, with positive comp and sales growth during the critical holiday quarter,” said Art Peck, chief executive officer, Gap Inc. “Going forward, we will maintain our focus on improving the quality and relevance of our products, increasing our responsiveness to trends and demand, and creating more synergy across channels to deliver the experiences our customers want and expect, however they choose to shop.”
“We have many opportunities ahead to position the company for long-term growth, while keeping our attention focused on operating discipline,” said Teri List-Stoll, executive vice president and chief financial officer, Gap Inc.
On a reported basis, the company’s diluted earnings per share were $0.55 for the fourth quarter of fiscal year 2016 and $1.69 for fiscal year 2016. The company’s adjusted diluted earnings per share were $0.51 for the fourth quarter of fiscal year 2016 and $2.02 for fiscal year 2016, excluding the following:
Please see the reconciliations of adjusted diluted earnings per share, a non-GAAP financial measure, in the tables at the end of this press release.
The company noted that foreign currency fluctuations negatively impacted adjusted earnings per share for fiscal year 2016 by an estimated $0.15, or about 6 percentage points of earnings per share growth on an adjusted basis.1
1 In calculating earnings per share excluding the impact of foreign exchange, the company estimates current gross margins using the appropriate prior year rates (including the impact of merchandise-related hedges), translates current period foreign earnings at prior year rates, and excludes the year-over-year earnings impact of balance sheet remeasurement and gains or losses from non-merchandise-related foreign currency hedges. This is done in order to enhance the visibility of adjusted business results excluding the direct impact of foreign currency exchange rate fluctuations.
Business Highlights
Comparable Sales Results
The company’s fourth quarter fiscal year 2016 comparable sales were up 2 percent compared with a decline of 7 percent last year.
For fiscal year 2016, the company’s comparable sales were down 2 percent compared with a decline of 4 percent last year. Comparable sales by global brand for fiscal year 2016 were as follows:
Net Sales Results
Fourth quarter fiscal year 2016 net sales increased 1 percent to $4.43 billion and fiscal year 2016 net sales were $15.5 billion. The translation of foreign currencies into U.S. dollars negatively impacted the company’s reported net sales for fiscal year 2016 by about $20 million. Fourth quarter and fiscal year 2016 net sales details appear in the tables at the end of this press release.
Additional Fiscal Year 2016 Results
2017 Outlook
The company noted that fiscal year 2017 is a 53-week year versus the 52-week fiscal year 2016.
Webcast and Conference Call Information
Jennifer Fall, senior vice president of Corporate Finance and Investor Relations at Gap Inc., will host a summary of the company’s fourth quarter and fiscal year 2016 results during a conference call and webcast from approximately 2:00 p.m. to 3:00 p.m. Pacific Time today. Ms. Fall will be joined by Art Peck, Gap Inc. chief executive officer, and Teri List-Stoll, Gap Inc. executive vice president and chief financial officer.
The conference call can be accessed by calling 1-855-5000-GPS or 1-855-500-0477 (participant passcode: 3648818). International callers may dial 913-643-0954. The webcast can be accessed at www.gapinc.com and fourth quarter earnings call highlights can be followed on Twitter at http://twitter.com/gapinc; cashtag $GPS.
Forward-Looking Statements
This press release and related conference call and webcast contain forward-looking statements within the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. All statements other than those that are purely historical are forward-looking statements. Words such as “expect,” “anticipate,” “believe,” “estimate,” “intend,” “plan,” “project,” and similar expressions also identify forward-looking statements. Forward-looking statements include statements regarding the following:
Because these forward-looking statements involve risks and uncertainties, there are important factors that could cause the company’s actual results to differ materially from those in the forward-looking statements. These factors include, without limitation, the following:
Additional information regarding factors that could cause results to differ can be found in the company’s Annual Report on Form 10-K for the fiscal year ended January 30, 2016, as well as the company’s subsequent filings with the Securities and Exchange Commission.
These forward-looking statements are based on information as of February 23, 2017. The company assumes no obligation to publicly update or revise its forward-looking statements even if experience or future changes make it clear that any projected results expressed or implied therein will not be realized.
About Gap Inc.
Gap Inc. is a leading global retailer offering clothing, accessories, and personal care products for men, women, and children under the Gap, Banana Republic, Old Navy, Athleta, and Intermix brands. Fiscal year 2016 net sales were $15.5 billion. Gap Inc. products are available for purchase in more than 90 countries worldwide through about 3,200 company-operated stores, about 450 franchise stores, and e-commerce sites. For more information, please visit www.gapinc.com.
The Gap, Inc. CONDENSED CONSOLIDATED BALANCE SHEETS UNAUDITED($ in millions)
January 28,2017
January 30,2016
ASSETS Current assets: Cash and cash equivalents $ 1,783 $ 1,370 Merchandise inventory 1,830 1,873 Other current assets 702 742 Total current assets 4,315 3,985 Property and equipment, net 2,616 2,850 Other long-term assets 679 638 Total assets $ 7,610 $ 7,473 LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Current maturities of debt $ 65 $ 421 Accounts payable 1,243 1,112 Accrued expenses and other current liabilities 1,113 979 Income taxes payable 32 23 Total current liabilities 2,453 2,535 Long-term liabilities: Long-term debt 1,248 1,310 Lease incentives and other long-term liabilities 1,005 1,083 Total long-term liabilities 2,253 2,393 Total stockholders' equity 2,904 2,545 Total liabilities and stockholders' equity $ 7,610 $ 7,473 The Gap, Inc. CONDENSED CONSOLIDATED STATEMENTS OF INCOME UNAUDITED13 Weeks Ended
52 Weeks Ended ($ and shares in millions except per share amounts)January 28,2017
January 30,2016
January 28,2017
January 30,2016
Net sales $ 4,429 $ 4,385 $ 15,516 $ 15,797 Cost of goods sold and occupancy expenses 2,928 2,945 9,876 10,077 Gross profit 1,501 1,440 5,640 5,720 Operating expenses 1,200 1,085 4,449 4,196 Operating income 301 355 1,191 1,524 Interest, net 16 15 67 53 Income before income taxes 285 340 1,124 1,471 Income taxes 65 126 448 551 Net income $ 220 $ 214 $ 676 $ 920 Weighted-average number of shares - basic 399 400 399 411 Weighted-average number of shares - diluted 401 402 400 413 Earnings per share - basic $ 0.55 $ 0.54 $ 1.69 $ 2.24 Earnings per share - diluted $ 0.55 $ 0.53 $ 1.69 $ 2.23 The Gap, Inc. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS UNAUDITED 52 Weeks Ended ($ in millions)January 28,2017
January 30,2016
Cash flows from operating activities: Net income $ 676 $ 920 Depreciation and amortization (a) 531 527 Change in merchandise inventory 46 (6 ) Other, net 466 153 Net cash provided by operating activities 1,719 1,594 Cash flows from investing activities: Purchases of property and equipment (524 ) (726 ) Other (5 ) (4 ) Net cash used for investing activities (529 ) (730 ) Cash flows from financing activities: Proceeds from issuance of short-term debt - 400 Payments of short-term debt (400 ) - Payments of long-term debt (21 ) (21 ) Proceeds from issuances under share-based compensation plans 29 65 Withholding tax payments related to vesting of stock units (19 ) (69 ) Repurchases of common stock - (1,015 ) Excess tax benefit from exercise of stock options and vesting of stock units 1 28 Cash dividends paid (367 ) (377 ) Other - (1 ) Net cash used for financing activities (777 ) (990 ) Effect of foreign exchange rate fluctuations on cash and cash equivalents - (19 ) Net increase (decrease) in cash and cash equivalents 413 (145 ) Cash and cash equivalents at beginning of period 1,370 1,515 Cash and cash equivalents at end of period $ 1,783 $ 1,370 (a) Depreciation and amortization is net of amortization of lease incentives. The Gap, Inc. NON-GAAP FINANCIAL MEASURES UNAUDITED FREE CASH FLOW Free cash flow is a non-GAAP financial measure. We believe free cash flow is an important metric because it represents a measure of how much cash a company has available for discretionary and non-discretionary items after the deduction of capital expenditures, as we require regular capital expenditures to build and maintain stores and purchase new equipment to improve our business. We use this metric internally, as we believe our sustained ability to generate free cash flow is an important driver of value creation. However, this non-GAAP financial measure is not intended to supersede or replace our GAAP results. 52 Weeks Ended ($ in millions)January 28,2017
January 30,2016
Net cash provided by operating activities $ 1,719 $ 1,594 Less: Purchases of property and equipment (524 ) (726 ) Free cash flow $ 1,195 $ 868 The Gap, Inc. NON-GAAP FINANCIAL MEASURES UNAUDITED ADJUSTED OPERATING EXPENSES The following adjusted operating expenses are non-GAAP financial measures. These measures are provided to enhance visibility into the company's underlying operating expenses for the periods excluding the impact of the following charges for fiscal year 2016: restructuring costs, goodwill impairment charge, and gain from insurance proceeds, and excluding the impact of strategic actions primarily related to Gap brand for fiscal year 2015. Management believes the adjusted metrics are useful for the assessment of ongoing operations as we believe the adjusted items are not indicative of our ongoing operations due to the nature of the charges, and management believes that the presentation of adjusted financial information provides additional information to investors to facilitate the comparison of results against prior years. However, these non-GAAP financial measures are not intended to supersede or replace the GAAP measures. ($ in millions) 13 Weeks Ended January 28, 2017 Operating ExpensesOperating Expenses as a % ofNet Sales
Operating expenses, as reported $ 1,200 27.1 % Less: Fiscal year 2016 restructuring costs (a) (26 ) (0.6 )% Less: Goodwill impairment charge (b) (71 ) (1.6 )% Add: Gain from insurance proceeds (c) 73 1.7 % Adjusted operating expenses $ 1,176 26.6 % ($ in millions) 13 Weeks Ended January 30, 2016 Operating ExpensesOperating Expenses as a % ofNet Sales
Operating expenses, as reported $ 1,085 24.7 % Less: Fiscal year 2015 strategic actions (d) (19 ) (0.4 )% Adjusted operating expenses $ 1,066 24.3 % ($ in millions) 52 Weeks Ended January 28, 2017 Operating ExpensesOperating Expenses as a % ofNet Sales
Operating expenses, as reported $ 4,449 28.7 % Less: Fiscal year 2016 restructuring costs (a) (197 ) (1.3 )% Less: Goodwill impairment charge (b) (71 ) (0.5 )% Add: Gain from insurance proceeds (c) 73 0.5 % Adjusted operating expenses $ 4,254 27.4 % ($ in millions) 52 Weeks Ended January 30, 2016 Operating ExpensesOperating Expenses as a % ofNet Sales
Operating expenses, as reported $ 4,196 26.6 % Less: Fiscal year 2015 strategic actions (d) (98 ) (0.7 )% Adjusted operating expenses $ 4,098 25.9 % ______________________________ (a) Represents the restructuring costs recorded in operating expenses related to fiscal year 2016 store closures and streamlining the company's operations and impact on percentage of net sales. The costs primarily include lease termination fees, store asset impairments, and employee related costs. (b) Represents the goodwill impairment charge related to Intermix. (c) Represents the gain from insurance proceeds related to the fire that occurred in one of the buildings at a Company-owned distribution center campus in Fishkill, New York. (d) Represents the costs recorded in operating expenses associated with the fiscal year 2015 strategic actions primarily related to Gap brand and impact on percentage of net sales. The costs primarily include lease termination fees, store asset impairments, and employee related costs. The Gap, Inc. NON-GAAP FINANCIAL MEASURES UNAUDITED ADJUSTED NET INCOME Adjusted net income is a non-GAAP financial measure. Adjusted net income is provided to enhance visibility into the company's underlying results for the periods excluding the impact of the following charges for fiscal year 2016: restructuring costs, goodwill impairment charge, gain from insurance proceeds, and the tax impact of a legal structure realignment, and excluding the impact of strategic actions primarily related to Gap brand for fiscal year 2015. Management believes the adjusted metrics are useful for the assessment of ongoing operations as we believe the adjusted items are not indicative of our ongoing operations due to the nature of the charges, and management believes that the presentation of adjusted financial information provides additional information to investors to facilitate the comparison of results against prior years. Additionally, management uses adjusted net income as a key performance measure for the purposes of evaluating performance internally. However, this non-GAAP financial measure is not intended to supersede or replace the GAAP measure. 13 Weeks Ended 52 Weeks Ended ($ in millions)January 28,2017
January 30,2016
January 28,2017
January 30,2016
Net income, as reported $ 220 $ 214 $ 676 $ 920 Add: Fiscal year 2016 restructuring costs (a) 18 - 197 - Add: Fiscal year 2015 strategic actions (b) - 25 - 132 Less: Tax benefit related to restructuring costs and strategic actions (c) (6 ) (9 ) (76 ) (50 ) Add: Incremental tax expenses related to fiscal year 2016 restructuring costs (d) 2 - 41 - Add: Goodwill impairment charge (e) 71 - 71 - Less: Gain from insurance proceeds (f) (73 ) - (73 ) - Add: Tax expense related to gain from insurance proceeds (g) 28 - 28 - Add: Tax impact of a legal structure realignment (h) (57 ) - (57 ) - Adjusted net income $ 203 $ 230 $ 807 $ 1,002 ____________________ (a) Represents the restructuring costs incurred related to fiscal year 2016 store closures and streamlining the company's operations, and primarily include lease termination fees, store asset impairments, and employee related costs. $26 million was recorded in operating expenses and $8 million of credit, net, was recorded in cost of goods sold and occupancy expenses during the fourth quarter of fiscal year 2016, and $197 million was recorded in operating expenses and $0 million of credit, net, was recorded in cost of goods sold and occupancy expenses during fiscal year 2016. (b) Represents the costs associated with the fiscal year 2015 strategic actions primarily related to Gap brand, and primarily include inventory impairment, lease termination fees, store asset impairments, and employee related costs. $19 million was recorded in operating expenses and $6 million was recorded in cost of goods sold and occupancy expenses during the fourth quarter of fiscal year 2015 and $98 million was recorded in operating expenses and $34 million was recorded in cost of goods sold and occupancy expenses during fiscal year 2015. (c) The amount of tax benefit associated with the fiscal year 2016 restructuring costs is calculated using the adjusted effective tax rate. The amount of tax benefit associated with the fiscal year 2015 strategic actions is calculated using the reported effective tax rate. (d) Represents the incremental tax expenses related to fiscal year 2016 restructuring costs. (e) Represents the goodwill impairment charge related to Intermix, which is not deductible for tax purposes. (f) Represents the gain from insurance proceeds related to the fire that occurred in one of the buildings at a Company-owned distribution center campus in Fishkill, New York. (g) Represents the tax impact of the gain from insurance proceeds, calculated at the adjusted effective tax rate, related to the fire that occurred in one of the buildings at a Company-owned distribution center campus in Fishkill, New York. (h) Represents the favorable income tax impact of a legal structure realignment. The Gap, Inc. NON-GAAP FINANCIAL MEASURES UNAUDITED ADJUSTED EARNINGS PER SHARE FOR THE FOURTH QUARTER Adjusted diluted earnings per share is a non-GAAP financial measure. Adjusted diluted earnings per share is provided to enhance visibility into the company's expected underlying results for the period excluding the impact of the following charges for fiscal year 2016: restructuring costs, goodwill impairment charge, gain from insurance proceeds, and the tax impact of a legal structure realignment, and excluding the impact of strategic actions primarily related to Gap brand for fiscal year 2015. Management believes the adjusted metrics are useful for the assessment of ongoing operations as we believe the adjusted items are not indicative of our ongoing operations due to the nature of the charges, and management believes that the presentation of adjusted financial information provides additional information to investors to facilitate the comparison of results against prior years. Additionally, management uses adjusted earnings per share as a key performance measure for the purposes of evaluating performance internally. However, this non-GAAP financial measure is not intended to supersede or replace the GAAP measure. 13 Weeks EndedJanuary 28,2017
January 30,2016
Earnings per share - diluted $ 0.55 $ 0.53 Add: Impact of fiscal year 2016 restructuring costs (a) 0.03 - Add: Impact of incremental tax expenses related to fiscal year 2016 restructuring costs (b) 0.01 - Add: Impact of goodwill impairment charge (c) 0.18 - Less: Impact of gain from insurance proceeds (d) (0.11 ) Less: Tax impact of a legal structure realignment (e) (0.15 ) - Add: Impact of fiscal year 2015 strategic actions (f) - 0.04 Diluted earnings per share adjusted for certain costs 0.51 $ 0.57 Add: Estimated impact from foreign exchange (g) 0.04 Diluted earnings per share adjusted for certain costs and foreign exchange $ 0.55 Earnings per share decline adjusted for certain costs(11 )%
Earnings per share growth adjusted for certain costs and foreign exchange
(4
)%
____________________ (a) Represents the earnings per share impact of restructuring costs incurred related to fiscal year 2016 store closures and streamlining the company's operations, calculated net of tax at adjusted effective tax rate. The costs primarily include lease termination fees, store asset impairments, and employee related costs. (b) Represents the earnings per share impact of incremental tax expenses related to fiscal year 2016 restructuring costs. (c) Represents the goodwill impairment charge related to Intermix, which is not deductible for tax purposes. (d) Represents the gain from insurance proceeds, net of tax at adjusted effective tax rate, related to the fire that occurred in one of the buildings at a Company-owned distribution center campus in Fishkill, New York. (e) Represents the favorable income tax impact of a legal structure realignment. (f) Represents the earnings per share impact of costs associated with the fiscal year 2015 strategic actions primarily related to Gap brand, calculated net of tax at reported effective tax rate. The costs primarily include inventory impairment, lease termination fees, store asset impairments, and employee related costs. (g) In estimating the earnings per share impact from foreign currency exchange rate fluctuations, the company estimates current gross margins using the appropriate prior year rates (including the impact of merchandise-related hedges), translates current period adjusted foreign earnings at prior year rates, and excludes the year-over-year earnings impact of balance sheet remeasurement and gains or losses from non-merchandise-related foreign currency hedges. The Gap, Inc. NON-GAAP FINANCIAL MEASURES UNAUDITED ADJUSTED EARNINGS PER SHARE FOR THE FULL YEAR Adjusted diluted earnings per share is a non-GAAP financial measure. Adjusted diluted earnings per share for the full year of fiscal year 2016 is provided to enhance visibility into the company's expected underlying results for the period excluding the impact of the following charges for fiscal year 2016: restructuring costs, goodwill impairment charge, gain from insurance proceeds, and the tax impact of a legal structure realignment, and excluding the impact of strategic actions primarily related to Gap brand for fiscal year 2015. Management believes the adjusted metrics are useful for the assessment of ongoing operations as we believe the adjusted items are not indicative of our ongoing operations due to the nature of the charges, and management believes that the presentation of adjusted financial information provides additional information to investors to facilitate the comparison of results against prior years. Additionally, management uses adjusted earnings per share as a key performance measure for the purposes of evaluating performance internally. However, this non-GAAP financial measure is not intended to supersede or replace the GAAP measure. 52 Weeks Ended
January 28,2017
January 30,2016
Earnings per share - diluted $ 1.69 $ 2.23 Add: Impact of fiscal year 2016 restructuring costs (a) 0.30 - Add: Impact of incremental tax expenses related to fiscal year 2016 restructuring costs (b) 0.11 - Add: Impact of goodwill impairment charge (c) 0.18 - Less: Impact of gain from insurance proceeds (d) (0.11 ) Less: Tax impact of a legal structure realignment (e) (0.15 ) - Add: Impact of fiscal year 2015 strategic actions (f) - 0.20 Diluted earnings per share adjusted for certain costs 2.02 $ 2.43 Add: Estimated impact from foreign exchange (g) 0.15 Diluted earnings per share adjusted for certain costs and foreign exchange $ 2.17 Earnings per share decline adjusted for certain costs (17 )% Earnings per share growth adjusted for certain costs and foreign exchange (11 )% ____________________ (a) Represents the earnings per share impact of restructuring costs incurred related to fiscal year 2016 store closures and streamlining the company's operations, calculated net of tax at adjusted effective tax rate. The costs primarily include lease termination fees, store asset impairments, and employee related costs. (b) Represents the earnings per share impact of incremental tax expenses related to fiscal year 2016 restructuring costs. (c) Represents the goodwill impairment charge related to Intermix, which is not deductible for tax purposes. (d) Represents the gain from insurance proceeds, net of tax at adjusted effective tax rate, related to the fire that occurred in one of the buildings at a Company-owned distribution center campus in Fishkill, New York. (e) Represents the favorable income tax impact of a legal structure realignment. (f) Represents the earnings per share impact of costs associated with the fiscal year 2015 strategic actions primarily related to Gap brand, calculated net of tax at reported effective tax rate. The costs primarily include inventory impairment, lease termination fees, store asset impairments, and employee related costs. (g) In estimating the earnings per share impact from foreign currency exchange rate fluctuations, the company estimates current gross margins using the appropriate prior year rates (including the impact of merchandise-related hedges), translates current period adjusted foreign earnings at prior year rates, and excludes the year-over-year earnings impact of balance sheet remeasurement and gains or losses from non-merchandise-related foreign currency hedges. The Gap, Inc. NET SALES RESULTS UNAUDITED The following table details the company’s fourth quarter and fiscal year 2016 net sales (unaudited): ($ in millions)
Old Navy
Banana
Percentage of
13 Weeks Ended January 28, 2017
Gap Global
Global
Republic Global
Other (3)
Total
Net Sales
U.S. (1) $ 910 $ 1,716 $ 596 $ 223 3,445 78 % Canada 104 132 64 1 301 7 % Europe 177 - 14 - 191 4 % Asia 359 49 29 - 437 10 % Other regions 29 21 5 - 55 1 % Total $ 1,579 $ 1,918 $ 708 $ 224 $ 4,429 100 % ($ in millions)
Old Navy
Banana
Percentage of
13 Weeks Ended January 30, 2016
Gap Global
Global
Republic Global
Other (2)
Total
Net Sales
U.S. (1) $ 935 $ 1,635 $ 613 $ 201 3,384 77 % Canada 97 123 62 1 283 7 % Europe 204 - 17 - 221 5 % Asia 360 52 32 - 444 10 % Other regions 31 15 7 - 53 1 % Total $ 1,627 $ 1,825 $ 731 $ 202 $ 4,385 100 % ($ in millions)
Old Navy
Banana
Percentage of
52 Weeks Ended January 28, 2017Gap Global
Global
Republic Global
Other (3)
Total
Net Sales
U.S. (1) $ 3,113$ 6,051
$ 2,052
$ 773 $ 11,989 77 % Canada 368 490 223 3 1,084 7 % Europe 630 - 59 - 689 5 % Asia 1,215 220 109 - 1,544 10 % Other regions 129 53 28 - 210 1 % Total $ 5,455 $ 6,814 $ 2,471 $ 776 $ 15,516 100 % ($ in millions)
Old Navy
Banana
Percentage of
52 Weeks Ended January 30, 2016Gap Global
Global
Republic Global
Other (4)
Total
Net Sales
U.S. (1) $ 3,303$ 5,987
$ 2,211
$ 712 $ 12,213 77 % Canada 348 467 229 3 1,047 7 % Europe 726 - 71 - 797 5 % Asia 1,215 194 112 - 1,521 10 % Other regions 159 27 33 - 219 1 % Total $ 5,751 $ 6,675 $ 2,656 $ 715 $ 15,797 100 % (1) U.S. includes the United States, Puerto Rico, and Guam. (2) Includes Athleta and Intermix. (3) Includes Athleta, Intermix, and beginning in the fourth quarter of fiscal 2016, Weddington Way. (4) Includes Athleta, Intermix, and Piperlime, which was discontinued as of the first quarter of fiscal 2015. The Gap, Inc. REAL ESTATE Store count, openings, closings, and square footage for our stores are as follows: 13 Weeks Ended January 28, 2017
Store Locations
Store Locations
Store Locations
Store Locations
Square Feet
Beginning of Q4
Opened
Closed
End of Q4
(millions)
Gap North America 858 3 17 844 8.8 Gap Asia 315 9 13 311 3.0 Gap Europe 166 1 3 164 1.4 Old Navy North America 1,039 8 4 1,043 17.4 Old Navy Asia 60 - 47 13 0.2 Banana Republic North America 612 2 13 601 5.0 Banana Republic Asia 49 - 1 48 0.2 Banana Republic Europe 10 - 9 1 - Athleta North America 130 2 - 132 0.6 Intermix North America 42 1 - 43 0.1 Company-operated stores total 3,281 26 107 3,200 36.7 Franchise 461 4 6 459 N/A Total 3,742 30 113 3,659 36.7
View source version on businesswire.com: http://www.businesswire.com/news/home/20170223006546/en/
Gap Inc.Investor Relations Contact:Tina Romani, 415-427-5264Investor_relations@gap.comorMedia Relations Contact:Jennifer Poppers, 415-427-1729Press@gap.com
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