Content about Gap Inc.

February 28, 2013
Gap Inc. ends year with strong earnings growth

Gap Inc. reported that net sales for the fourth quarter were $4.73 billion, compared with $4.28 billion for the same period last year.

SAN FRANCISCO — Gap Inc. reported that net sales for the fourth quarter were $4.73 billion, compared with $4.28 billion for the same period last year. Same-store sales were up 5% for the quarter, compared with a 4% decrease during the same period last year.

Net income for the quarter was $351 million, or 73 cents per share on a diluted basis. This compares with net income of $218 million, or 44 cents per share on a diluted basis, for the same period last year.

January 3, 2013
Gap widens its reach, acquires new brand

Gap has added one more brand to its existing portfolio, purchasing Intermix Holdco for approximately $130 million in cash.

SAN FRANCISCO — Gap has added one more brand to its existing portfolio, purchasing Intermix Holdco for approximately $130 million in cash.

Intermix is a New York-based multi-brand specialty retailer of luxury and contemporary women’s apparel and accessories. It operates 32 boutiques across North America, along with an e-commerce site, offering a mix of luxury brands, including up-and-coming designers. Gap intends to expand Intermix’s network of stores, as well as add significant visibility and enhancements to its online site.

November 5, 2012
Gap Inc. donates $1M in cash and clothing to Sandy relief

Gap Inc. is donating more than $1 million to help victims of Hurricane Sandy, which struck the East Coast earlier this week and caused widespread damage and destruction.

SAN FRANCISCO — Gap Inc. is donating more than $1 million to help victims of Hurricane Sandy, which struck the East Coast earlier this week and caused widespread damage and destruction.

Upon the request of the American Red Cross, Gap Inc. will donate more than $250,000 worth of clothing, which will be distributed tomorrow in New Jersey, one of the areas hit the hardest by this week’s superstorm. In addition, the company will donate $750,000 cash to provide critical help and necessities for those in affected areas.

November 2, 2012
Sales up at Gap Inc., expects strong earnings boost for Q3

Gap Inc.appears to be on the upswing, reporting positive same-store sales across all of its divisions for both the third quarter and October.

SAN FRANCISCO — Gap Inc.appears to be on the upswing, reporting positive same-store sales across all of its divisions for both the third quarter and October. 

Net sales for the third quarter increased 8% to $3.86 billion compared with $3.59 billion for the third quarter last year. The company’s third quarter comparable sales were up 65 compared with a 5% decrease in the third quarter last year.

October 16, 2012
Gap Inc. streamlines leadership to fuel growth

Gap Inc. is bringing several of its divisions under the leadership of one executive in order to fuel long-term growth.

SAN FRANCISCO — Gap Inc. is bringing several of its divisions under the leadership of one executive in order to fuel long-term growth.

With the start of the 2013 fiscal year, the company will bring together its North American, international, online, outlet and franchise divisions under a single global executive for each of its Gap, Banana Republic and Old Navy brands. In addition, the company will form a new Innovation and Digital Strategy team to further its leadership position in this area.

October 10, 2012
Gap expands e-commerce service to Japan

Gap Inc. is expanding its e-commerce service to Japan. Japaese customers can now shop Gap and Banana Republic products online through its new Japanese e-commerce sites (gap.co.jp and bananarepublic.co.jp).

SAN FRANCISCO — Gap Inc. is expanding its e-commerce service to Japan. Japaese customers can now shop Gap and Banana Republic products online through its new Japanese e-commerce sites (gap.co.jp and bananarepublic.co.jp).  The sites offer Gap, GapKids, babyGap and Banana Republic products.

October 4, 2012
Mixed bag for apparel retailers and department stores in September; Gap shines

Apparel retailers and department stores reported monthly revenue results for September that were mixed, as Gap Inc. and Limited Brands posted gains that beat Wall Street estimates, while Macy's and Kohl’s missed expectations.

NEW YORK — Apparel retailers and department stores reported monthly revenue results for September that were mixed, as Gap Inc. and Limited Brands posted gains that beat Wall Street estimates, while Macy's and Kohl’s missed expectations.

However, many analysts said spending was fairly strong for the month.

September 12, 2012
Gap Foundation celebrates 35 years

Gap Inc. is celebrating the 35th anniversary of Gap Foundation at a special gathering at the company's San Francisco headquarters on Sept. 13.

SAN FRANCISCO — Gap Inc. is celebrating the 35th anniversary of Gap Foundation at a special gathering at the company's San Francisco headquarters on Sept. 13.

“We’re proud to celebrate 35 years of Gap Inc. employees fulfilling the promise made by Doris and Don Fisher to ‘do more than sell clothes,’” said Bobbi Silten, president of Gap Foundation. “It’s an exciting milestone for everyone involved with the company.”

September 10, 2012
Gap to make official freestanding debut in Mexico

Gap Inc. will open its first standalone store in Mexico, part of the retailer’s previously announced global expansion strategy.

SAN FRANCISCO — Gap Inc. will open its first standalone store in Mexico, part of the retailer’s previously announced global expansion strategy.

The new store, to be located at Interlomas Mall outside Mexico City, expands on Gap’s store-in-store concepts in Liverpool Department stores in the region.

September 6, 2012
Piperlime makes retail debut in SoHo

Gap Inc.’s Piperlime banner has opened its first full-scale retail location -- at 121 Wooster St. in the SoHo neighborhood of New York City.

NEW YORK — Gap Inc.’s Piperlime banner has opened its first full-scale retail location -- at 121 Wooster St. in the SoHo neighborhood of New York City.

"We are thrilled to be celebrating the opening of our first Piperlime store today in SoHo," said Jennifer Gosselin, senior VP and general manager of Piperlime. "

The new 4,000-sq.-ft. store is styled as a boutique and features trend vignettes, as well as in-store kiosks that provide shoppers access to piperlime.com products.

August 30, 2012
Retailers make strong gains in August

Macy's, Limited Brands and Gap Inc. all posted August same-store sales that topped analysts' estimates as retailers across the board generally posted strong sales, boosted by back-to-school shopping and aggressive promotions.

NEW YORK — Macy's, Limited Brands and Gap Inc. all posted August same-store sales that topped analysts' estimates as retailers across the board generally posted strong sales, boosted by back-to-school shopping and aggressive promotions. The strong showing comes shortly after the news that consumer confidence for August slumped to its lowest level of the year.

August 17, 2012
Gap Q2 profit climbs 29%; raises guidance

Gap Inc. reported that net income for the quarter ended July 28 surged 29% to $243 million, prompting the retailer to raise its guidance for full-year 2012.

SAN FRANCISCO — Gap Inc. reported that net income for the quarter ended July 28 surged 29% to $243 million, prompting the retailer to raise its guidance for full-year 2012.

Sales increased 6% to $3.58 billion, compared with $3.39 billion for the second quarter last year. Same-store sales rose 4%.

“Our continued focus on product and store execution are helping to drive positive momentum and we’re committed to sustaining solid performance for the remainder of the year,”said Glenn Murphy, chairman and CEO.

August 2, 2012
Mixed bag for retailers in July: Discounters shine, teen retailers disappoint

Many retailers reported better-than-expected results in July as warm weather and clearance sales drew shoppers into stores.

NEW YORK — Many retailers reported better-than-expected results in July as warm weather and clearance sales drew shoppers into stores. Thomson Reuters reported that three-quarters of retailers reported results beat expectations. Costco Wholesale Corp., Target Corp., Limited Brands and Gap Inc. all reported gains above expectations.

May 17, 2012
Gap Inc. raises guidance sales, EPS growth in Q1

Gap Inc. raised its full year guidance Thursday after reporting first quarter sales and earnings per share growth.

SAN FRANCISCO — Gap Inc. raised its full year guidance Thursday after reporting first quarter sales and earnings per share growth. For the quarter ended April 28, sales increased 6% to $3.5 billion compared with $3.3 billion for the first quarter last year. The company’s first quarter comparable sales increased 4%. Net income for the first quarter was $233 million, flat compared with the first quarter last year. First quarter diluted earnings per share increased 18% to 47 cents compared with 40 cents last year.

May 9, 2012
Gap Inc.'s Piperlime to make retail store debut in NYC

Gap Inc.'s online shop, Piperlime, will make its retail store debut this fall, at 121 Wooster St. in the SoHo neighborhood of New York City.

SAN FRANCISCO — Gap Inc.'s online shop, Piperlime, will make its retail store debut this fall, at 121 Wooster St. in the SoHo neighborhood of New York City.

The new 4,000 sq. ft. Piperlime store will offer a similar curated assortment as online, the company said. Styled as a boutique, the store will feature the best range of coveted, iconic brands like Milly, Frye and Citizens of Humanity as well as little known finds including Tinley Road, Ash and Maison Scotch.

May 1, 2012
Old Navy taps into H&M success with new brand leader

Gap Inc. has selected long-time H&M veteran, Stefan Larsson, as the first global brand president for Old Navy. Larsson will join the company by October.

SAN FRANCISCO — Gap Inc. has selected long-time H&M veteran, Stefan Larsson, as the first global brand president for Old Navy. Larsson will join the company by October.

February 29, 2012
Gap enters Central America

Gap Inc. is expanding its footprint in Latin America. Leveraging its franchise model, the company has opened its first stores in Panamá and plans to introduce its brands to three additional Latin American countries: Colombia, Uruguay, and Peru.

SAN FRANCISCO — Gap Inc. is expanding its footprint in Latin America. Leveraging its franchise model, the company has opened its first stores in Panamá and plans to introduce its brands to three additional Latin American countries: Colombia, Uruguay, and Peru.

February 24, 2012
Gap Inc. profits plummet on holiday discounting

Gap Inc.'s fourth-quarter net income plummeted 40% on higher costs and aggressive discounting during the holiday selling season.

SAN FRANCISCO — Gap Inc.'s fourth-quarter net income plummeted 40% on higher costs and aggressive discounting during the holiday selling season.

The company reported that net income for the quarter ended Jan. 28 was $218 million, compared with $365 million a year earlier. Sales dipped to $4.28 billion in the quarter, from $4.36 billion, matching Wall Street estimates.

February 23, 2012
Gap Inc. boosts creative talent with new hires

Gap Inc. has named Jill Stanton to the newly-created role as creative advisor for Old Navy and Liz Meltzer as SVP Gap international merchandising.

SAN FRANCISCO — Gap Inc. has named Jill Stanton to the newly-created role as creative advisor for Old Navy and Liz Meltzer as SVP Gap international merchandising.

“Boosting our already-strong creative talent is a key focus in 2012,” said Glenn Murphy, chairman and CEO of Gap Inc. “On the heels of Tracy Gardner coming back to Gap, we are thrilled that Jill Stanton will bring her talent and proven business experience as creative advisor to Old Navy to help us deliver consistently great product.”

February 15, 2012
Fashion bloggers help fill in the Gap

Gap Inc. is turning to the blogosphere for its new "Be Bright" global marketing campaign. The company announced that it has partnered with six fashion and lifestyle blogs to promote its spring collection.

NEW YORK — Gap Inc. is turning to the blogosphere for its new "Be Bright" global marketing campaign. The company announced that it has partnered with six fashion and lifestyle blogs to promote its spring collection.

January 20, 2012
Old Navy president resigns

Gap Inc. has announced that Tom Wyatt, president of its Old Navy brand, has resigned in order to take a position at another company outside of the apparel retail business, effective Feb. 3.

SAN FRANCISCO — Gap Inc. has announced that Tom Wyatt, president of its Old Navy brand, has resigned in order to take a position at another company outside of the apparel retail business, effective Feb. 3. The company has named two senior executives at Old Navy to lead the division, reporting to Gap Inc. chairman and CEO Glenn Murphy, while a formal search for a new brand president is under way.

January 5, 2012
Holiday discounts cut into December profits

Many retailers reported solid sales gains for December, but the deep discounts and promotions that shoppers have come to expect cut into profits.

NEW YORK — Many retailers reported solid sales gains for December, but the deep discounts and promotions that shoppers have come to expect cut into profits. A range of retailers, including Target and The Children’s Place, reduced their earnings outlooks. Overall, retail sales rose 3.4% at the 22 retailers tracked by the Thomson Reuters same-store sales index, compared with the 3.3% analyst forecast.

December 8, 2011
Banana Republic opens in Paris

Gap Inc. announced the opening of its first Banana Republic store on Avenue des Champs Élysées in Pais, France.

PARIS — Gap Inc. announced the opening of its first Banana Republic store on Avenue des Champs Élysées in Pais, France. According to the company, the 15,952-sq.-ft. space will house the brand’s women’s and men’s collections and represents the most contemporary expression of the brand globally.

November 23, 2011
Gap debuts in Poland

Gap Inc. on Thursday opened its first store in Poland, in Warsaw’s Arkadia mall.

New York City -- Gap Inc. on Thursday opened its first store in Poland, in Warsaw’s Arkadia mall.

Gap and its Polish franchise partner, Ultimate Fashion, are planning to open more stores in Poland in 2012 and expand to other countries in the region.
 

November 18, 2011
Gap's Q3 profit plummets 36%

Gap Inc. reported Thursday that profit for the third quarter dropped 36% to $193 million, compared with $303 million a year earlier, as the retailer continued a deep discounting trend and encountered rising production costs.

SAN FRANCISCO — Gap Inc. reported Thursday that profit for the third quarter dropped 36% to $193 million, compared with $303 million a year earlier, as the retailer continued a deep discounting trend and encountered rising production costs. Still, results beat analysts’ expectations.