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Gap Inc. Announces Expansion of Old Navy in Japan
SAN FRANCISCO – March 1, 2013 – As part of its fourth quarter and fiscal year 2012 earnings announcement, Gap Inc. (NYSE: GPS) announced that it plans to open as many as 20 more Old Navy stores in Japan in 2013.
Old Navy opened its first store outside of North America in Tokyo in 2012. Based on initial response, the brand expects to open several Old Navy stores in the coming months. The brand will launch stores in key areas of Japan, including Nagoya, Kobe, Osaka and Yokohama.
“Our success in Japan shows us there is an appetite for more Old Navy stores in the country,” said Stefan Larsson, global president for Old Navy.
The first Old Navy store in Japan, which opened in the DiverCity Tokyo Plaza complex in Odaiba, has attracted a wide customer base and is performing well.
Old Navy’s growth in Japan is an important step in Gap Inc.’s international expansion strategy.
The Old Navy stores in Japan will feature the same fun, energizing shopping environment the brand is known for in North America. The store offers its signature men’s, women’s, children’s and babies’ clothing and accessories, selected to appeal to customers in Japan.
Japan is an important part of Gap Inc’s growth strategy and is already home to around 140 Gap and about 35 Banana Republic stores.
This press release contains 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:
- Future Old Navy stores in Japan, including number and timing.
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 changes in general economic conditions or consumer spending patterns could adversely impact the company’s results of operations;
- the highly competitive nature of the company’s business internationally;
- the risk that the company will be unsuccessful in gauging apparel trends and changing consumer preferences;
- the risk that the company will be unsuccessful in identifying, negotiating, and securing new store locations and renewing, modifying or terminating leases for existing store locations effectively;
- the risk that changes in the company’s credit profile or deterioration in market conditions may limit its access to the capital markets and adversely impact its financial results and its ability to service its debt while maintaining other initiatives;
- the risk that updates or changes to the company’s information technology (“IT”) systems may disrupt its operations;
- the risk that natural disasters, public health crises, political crises, or other catastrophic events could adversely affect the company’s operations and financial results;
- 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 its reputation or operations;
- the risk that the company will not be successful in defending various proceedings, lawsuits, disputes, claims, and audits; and
- the risk that changes in the regulatory or administrative landscape could adversely affect the company’s financial condition, strategies, and results of operations.
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 28, 2012, as well as the company’s subsequent Quarterly Reports on Form 10-Q.
These forward-looking statements are based on information as of February 28, 2013. 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, Athleta, and Intermix brands. Fiscal year 2012 net sales were $15.7 billion. Gap Inc. products are available for purchase in more than 90 countries worldwide through about 3,000 company-operated stores, over 300 franchise stores, and e-commerce sites. For more information, please visit www.gapinc.com.