gap inc/the (GPS) Key Developments
Gap Inc. Reports Sales Results for the Month Ended November 30, 2013
Dec 5 13
Gap Inc. reported sales results for the month ended November 30, 2013. The company's November 2013 net sales increased 8% compared with last year. Net sales for the four-week period ended November 30, 2013 were $1.63 billion compared with net sales of $1.52 billion for the four-week period ended November 24, 2012. Comparable sales for November 2013 were up 2% versus a 3% increase for November 2012. Due to the 53(rd) week in fiscal year 2012, comparable sales for November 2013 are compared to the four-week period ended December 1, 2012.
Gap Inc. Expands Distribution Center in Fishkill and Gap Global Creative Center in Manhattan
Dec 5 13
Governor Andrew M. Cuomo announced that Gap Inc. is expanding its distribution center in Fishkill, Dutchess County, as well as the Gap Global Creative Center in Manhattan. The two expansions will result in a total of more than 170 new jobs and the retention of over 1,100 existing positions.
Gap Inc. Expands Reserve in Store Capabilities to US Banana Republic Stores
Dec 4 13
Gap Inc. has announced the expansion of its Reserve in Store capabilities to all US Banana Republic stores and more than 200 Gap stores in 15 US markets.
The Gap, Inc. Reports Unaudited Consolidated Earnings Results for the Third Quarter and Nine Months Ended November 2, 2013; Re-Affirms Earnings Guidance for the Fiscal Year 2013; Announces Expansion Plans; to Close About 80 Company-Operated Stores
Nov 21 13
The Gap, Inc. reported unaudited consolidated earnings results for the third quarter and nine months ended November 2, 2013. For the quarter, the company's net sales were $3,976 million against $3,864 million a year ago. Operating income was $576 million against $520 million a year ago. Income before income taxes was $556 million against $499 million a year ago. Net income was $337 million or $0.72 diluted per share against $308 million or $0.63 diluted per share a year ago.
For the nine months, the company's net sales were $11,573 million against $10,926 million a year ago. Operating income was $1,627 million against $1,340 million a year ago. Income before income taxes was $1,589 million against $1,277 million a year ago. Net income was $973 million or $2.07 diluted per share against $784 million or $1.60 diluted per share a year ago. Net cash provided by operating activities was $953 million against $1,225 million a year ago. Purchases of property and equipment was $487 million against $449 million a year ago. Capital expenditures were $487 million.
For fiscal year 2013, the company continues to expect capital spending to be approximately $675 million in support of its outlined strategies. The company continues to expect its full year tax rate to be about 39% in fiscal year 2013. The company continues to expect that operating margin for fiscal year 2013 will be about 13%. The company continues to expect depreciation and amortization expense, net of amortization of lease incentives, for fiscal year 2013 to be about $475 million. The company reaffirmed its estimate for full year 2013 diluted earnings per share to be in the range of $2.57 to $2.65.
In fiscal year 2013, the company expects to open about 160 company-operated stores, focused on Gap China, Old Navy Japan, Athleta and global outlet stores.
The company expects that it will close about 80 company-operated stores. The closures are weighted towards Gap North America, consistent with the company's previously stated strategy.
Gap Inc. Announces Executive Changes
Nov 14 13
Gap Inc. has promoted Sonia Syngal to the position of executive vice president, or EVP, of global supply chain. She succeeds Colin Funnell who will retire from the company, following a nine-year Gap Inc. career spanning global logistics, production and supply chain. As executive vice president of Global Supply Chain, Syngal will join the company's executive management team and report directly to Gap Inc. chairman and CEO Glenn Murphy. Prior to joining Gap Inc., Syngal spent nearly ten years at Sun Microsystems where she led manufacturing operations, logistics and supply chain management during a time of rapid growth.