Gap Inc. Chairman and CEO Glenn Murphy to Provide Update on Growth Strategy at Investor Conference
SAN FRANCISCO – February 22, 2011 – Gap Inc. (NYSE: GPS) today announced that Chairman and Chief Executive Officer Glenn Murphy will give a presentation to investors at the Bank of America Merrill Lynch 2011 Consumer Conference in New York City on March 9 at 1:50 p.m. Eastern Time.
Mr. Murphy will discuss Gap Inc.’s business priorities and strategies to capitalize on the enormous growth potential internationally.
A live webcast of the presentation will be accessible through www.gapinc.com. Interested parties can attend the presentation by navigating to the Webcasts page from the Investors section, beginning at 1:50 p.m. Eastern Time on March 9, 2011. An archive of the webcast presentation will be available through www.gapinc.com.
Fourth Quarter Earnings
Gap Inc. will release its fourth quarter earnings via press release on February 24, 2011 at 1:00 p.m. Pacific Time. In addition, the company will host a summary of Gap Inc.’s fourth quarter results in a live conference call and webcast at approximately 2:00 p.m. Pacific Time on February 24, 2011. The conference call can be accessed by calling 1-800-374-0168 and international callers may dial 706-634-0994. The webcast can be accessed at www.gapinc.com.
The conference and webcast may 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:
- earnings per share for fiscal year 2011;
- potential franchise markets;
- future revenue mix;
- growing top line sales and delivering earnings growth;
- generating free cash flow;
- delivering healthy margins;
- maintaining discipline on costs and expanding return on invested capital;
- gross margin expansion;
- pipeline speed;
- store remodels and repositions;
- international growth potential, including company-operated stores, online and franchise;
- expansion of Athleta in North America;
- store openings and closings;
- commodity impact, including impact on price of goods;
- balance sheet target cash; and
- long-term financial returns.
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:
- the risk that the adoption of new accounting pronouncements will impact future results;
- the risk that the company will be unsuccessful in gauging fashion trends and changing consumer preferences;
- the risk that changes in general economic conditions or consumer spending patterns will have a negative impact on the company's financial performance or strategies;
- the highly competitive nature of the company’s business in the United States and internationally and its dependence on consumer spending patterns, which are influenced by numerous other factors;
- the risk that the company will be unsuccessful in identifying and negotiating new store locations and renewing or modifying leases for existing store locations effectively;
- the risk that comparable store sales and margins will experience fluctuations;
- the risk that the company will be unsuccessful in implementing its strategic, operating and people initiatives;
- the risk that adverse changes in the company’s credit ratings may have a negative impact on its financing costs, structure and access to capital in future periods;
- the risk that changes to the company’s information technology systems may disrupt its operations;
- the risk that trade matters, events causing disruptions in product shipments from China and other foreign countries, or an inability to secure sufficient manufacturing capacity may disrupt the company’s supply chain or operations;
- the risk that the company’s efforts to expand internationally may not be successful and could impair the value of its brands;
- the risk that the company’s franchisees will be unable to successfully open, operate and grow the company’s franchised stores;
- the risk that acts or omissions by the company’s third party vendors, including a failure to comply with the company’s code of vendor conduct, could have a negative impact on the company’s reputation or operations;
- the risk that changes in the regulatory or administrative landscape could adversely affect the company’s financial condition and results of operations; the risk that the company does not repurchase some or all of the shares it anticipates purchasing pursuant to its repurchase program; and
- the risk that the company will not be successful in defending various proceedings, lawsuits, disputes, claims, and audits; any of which could impact net sales, expenses, and/or planned strategies.
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, 2010. Readers should also consult the company’s quarterly report on Form 10-Q for the fiscal quarter ended October 30, 2010.
Forward-looking statements will be based on information as of the date of the presentation. 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 specialty retailer offering clothing, accessories, and personal care products for men, women, children, and babies under the Gap, Banana Republic, Old Navy, Piperlime, and Athleta brands. Fiscal 2010 net sales were $14.7 billion. Gap Inc. products are available for purchase in over 90 countries worldwide through about 3,100 company-owned stores, about 175 franchise stores, and e-commerce sites. For more information, please visit www.gapinc.com.