Content about Gap Inc.

April 16, 2014

Gap Inc. highlighted its use of technology and innovation to bridge the growing digital world with its physical stores at the company’s annual meeting with investors.

San Francisco -- Gap Inc. highlighted its use of technology and innovation to bridge the growing digital world with its physical stores at the company’s annual meeting with investors. In new initiatives, the retailer is expanding its reserve in-store service to all U.S. Gap stores by the end of the second quarter, enabling online and mobile shoppers to now reserve items at more than 1,000 Gap and Banana Republic store locations.

March 18, 2014

Gap Inc. plans to open five franchise-operated Old Navy stores in the Philippines in 2014.

San Francisco -- Gap Inc. plans to open five franchise-operated Old Navy stores in the Philippines in 2014. The first two Old Navy stores will open in Manila in March and there are plans to open three more stores in the second half of the year for a total of five Old Navy stores in 2014.

The first of two Old Navy stores, a dedicated three-story building, will open in the heart of Manila’s fashion and shopping district, Bonifacio High Street, on March 22. The second store will open in the prominent Glorietta mall on March 29.

March 7, 2014

Gap Inc. had a disappointing February 2014 as net sales and same-store sales declined, compared to the same month in the prior year.

San Francisco – Gap Inc. had a disappointing February 2014 as net sales and same-store sales declined, compared to the same month in the prior year. Net sales fell 4% to $929 million from $966 million, while same-store sales dropped 7%.

March 3, 2014

Gap Inc. reportedly plans a substantial increase in its Gap and Old Navy store count in China during the next several years.

San Francisco – Gap Inc. reportedly plans a substantial increase in its Gap and Old Navy store count in China during the next several years. Reuters reports that Gap plans to add 30 stores to its existing 81 Chinese locations.

February 27, 2014

Gap Inc. reported a 12.5% decline in fourth-quarter profit, with its results impacted by heavy discounting during the holidays.

San Francisco -- Gap Inc. on Thursday reported a 12.5% decline in fourth-quarter profit, with its results impacted by heavy discounting during the holidays. The retailer also issued a profit outlook for the full year that is below analysts' expectations, and said it will open 30 additional U.S. stores during fiscal year 2014.

Gap reported net income of $307 million for the three-month period ended Feb. 1, better than the Street expected, down from $351 million in the year-ago period.

February 27, 2014

Gap Inc. is bringing its Old Navy brand to China, with the opening of a store on March 1 on Shanghai’s famous Nanjing West Road.

San Francisco -- Gap Inc. is bringing its Old Navy brand to China, with the opening of a store on March 1 on Shanghai’s famous Nanjing West Road.

The 22,000 –sq.-ft., three-level Shanghai Old Navy store is located in the Jing’an District, a major commercial area known for shopping, sightseeing, hotels and office buildings that draws thousands of locals and overseas visitors. The store features iconic elements from Old Navy’s U.S. flagship and such interactive features as touch-screen video games and game tables.

February 20, 2014

Gap Inc. will raise the minimum hourly wage for all U.S. employees to $9 in 2014, and then raise it again, to $10, in 2015.

San Francisco – Gap Inc. will raise the minimum hourly wage for all U.S. employees to $9 in 2014, and then raise it again, to $10, in 2015. The move will affect about 65,000 store employees across the company’s brands, which include Gap, Banana Republic, Old Navy, Piperlime, Athleta, and Intermix. Gap's announcement comes amid a nationwide debate about the minimum wage.

February 7, 2014

Gap Inc. posted strong sales for January and issued a fourth-quarter profit forecast that topped expectations.

San Francisco -- Gap Inc. posted strong sales for January and issued a fourth-quarter profit forecast that topped expectations.

The retailer said its same-store sales rose 1% in January. Analysts had expected a drop of 1.3%. Net sales for the four weeks that ended Feb. 1 were $899 million, compared with net sales of $1.13 billion for the five-week period ended Feb. 2, 2013.

For the fourth quarter, net sales were $4.58 billion, compared with $4.73 billion a year earlier.

December 5, 2013

Gap Inc. reported its November 2013 net sales increased 8% compared with last year.

San Francisco -- Gap Inc. reported its November 2013 net sales increased 8% compared with last year. Same-store sales for the period rose 2%.

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.

November 21, 2013

Gap Inc. reported a 9.4% increase in third-quarter profit as the retailer's turnaround continues.

San Francisco -- Gap Inc. reported a 9.4% increase in third-quarter profit as the retailer's turnaround continues. The company also reaffirmed its full-year profit guidance and said it is increasing its stock buyback authorization by $1 billion.

The chain posted net income of $337 million in the three-month period ended Nov. 2, compared with $308 million last year.

November 20, 2013

Gap Inc. is rolling out its “Reserve in Store” capabilities to all U.S. Banana Republic stores and more than 200 Gap stores in 15 major U.S. markets.

San Francisco – Gap Inc. is rolling out its “Reserve in Store” capabilities to all U.S. Banana Republic stores and more than 200 Gap stores in 15 major U.S. markets. The launch, which follows a successful pilot in San Francisco and Chicago-area Gap and Banana Republic stores, makes it easy for customers to shop online or with their mobile device, place items on hold and pick them up in local stores.

November 8, 2013

Gap Inc. reported increased net and same-store sales during the third quarter of fiscal 2013 in a partial financial release.

San Francisco – Gap Inc. reported increased net and same-store sales during the third quarter of fiscal 2013 in a partial financial release. Gap’s third quarter net sales grew 3% and same-store sales grew 1% compared to the prior year.

In addition, Gap’s same-store sales grew 4% in October 2013. The retailer will release full third quarter earnings results on Nov. 21, 2013.

 

October 16, 2013

Gap Inc. has reportedly signed a non-binding agreement for Australia-based Oroton Group to take control of its franchise operation in Australia, New Zealand, and some Pacific islands.

San Francisco – Gap Inc. has reportedly signed a non-binding agreement for Australia-based Oroton Group to take control of its franchise operation in Australia, New Zealand, and some Pacific islands. According to the Wall Street Journal, Oroton Group will start running Gap’s three franchise stores in Australia in November 2013 and purchase some inventory and store fixtures from current Gap franchisee Brand Republic Pty Ltd.

September 16, 2013

Gap Inc. is launching a fall global marketing campaign called “Back to Blue” that features two videos with musicians Dhani Harrison and Alexa Ray Joel, which consumers can watch on TV, desktops and smartphones/tablets.

New York – Gap Inc. is launching a fall global marketing campaign called “Back to Blue” that features two videos with musicians Dhani Harrison and Alexa Ray Joel, which consumers can watch on TV, desktops and smartphones/tablets.

September 3, 2013

Gap Inc. will open its first franchise-operated Old Navy stores in the Philippines in 2014.

San Francisco -- Gap Inc. will open its first franchise-operated Old Navy stores in the Philippines in 2014. Earlier this year, the company announced that it would begin franchising Old Navy stores internationally.

Gap will partner with Stores Specialists, which operates Gap brand and Banana Republic stores in-market, to open two Old Navy locations in the beginning of 2014 with plans to open additional stores by the end of the same fiscal year.

August 23, 2013

A resurgent Gap Inc. reported that its second quarter profit jumped 25% on strong sales of denim and other goods at its namesake and Old Navy brands.

San Francisco -- A resurgent Gap Inc. reported that its second quarter profit jumped 25% on strong sales of denim and other goods at its namesake and Old Navy brands. And bucking a trend set by other retailers, the company raised its full-year earnings guidance. Gap also detailed upcoming expansion plans.

August 21, 2013

Gap Inc. said that Cisco Systems executive Padmasree Warrior will join its board of directors on Sept. 30.

San Francisco -- Gap Inc. said that Cisco Systems executive Padmasree Warrior will join its board of directors on Sept. 30. She will be the company's eleventh director.

Warrior is Cisco Systems Inc.'s chief technology officer and chief strategy officer.

 

August 9, 2013

Gap Inc. reported net sales of $3.87 billion for the second quarter of 2013, up 8% from $3.58 billion for the second quarter last year. Net sales for July of this year totaled $1.12 billion, close to 6% higher than $1.06 billion in July of the previous year.

San Francisco -- Gap Inc. reported net sales of $3.87 billion for the second quarter of 2013, up 8% from $3.58 billion for the second quarter last year. Net sales for July of this year totaled $1.12 billion, close to 6% higher than $1.06 billion in July of the previous year.

July 16, 2013

Gap Inc. substantially improved upon its June 2012 same-store sales performance and beat analyst expectation with a 7% increase in same-store sales last month.

San Francisco – Gap Inc. substantially improved upon its June 2012 same-store sales performance and beat analyst expectation with a 7% increase in same-store sales last month. In comparison, the retailer’s same-store sales were flat in June of last year and were only expected to rise 4.7% in June of this year, according to estimates from Retail Metrics.

Sales at Gap’s Old Navy helped drive the overall increase. Same-store sales at Old Navy rose 13% in June as a result of seasonal summer promotions.

 

July 11, 2013

Same-store sales increased 3.9% in June compared to the year-ago period, according to a preliminary tally of 12 retailers by the International Council of Shopping Centers.

New York -- Same-store sales increased 3.9% in June compared to the year-ago period, according to a preliminary tally of 12 retailers by the International Council of Shopping Centers. The association had expected a 3% to 3.5% increase.

According to Thomson Reuters, Wall Street expects an overall 3.6% increase in June same-store sales, which would be a bump over May’s 3.4% showing, but down 1.8% year-over-year.

June 6, 2013

Same-stores sales increased 3.2% in May, edging up from a 3% gain in April, according to a preliminary tally of 12 retailers by the International Council of Shopping Centers.

New York -- Same-stores sales increased 3.2% in May, edging up from a 3% gain in April, according to a preliminary tally of 12 retailers by the International Council of Shopping Centers.  

The number of retailers reporting same-store sales has dropped dramatically over the past two years, with major department store companies and discounters no longer reporting. Many specialty fashion chains are also following suit. Some experts caution that the results are now so limited they are not representative of the industry at large.

June 3, 2013

Gap Inc. announced Monday that it will introduce the Gap brand to Paraguay and Hungary through new agreements with existing franchise partners: Neutral for Paraguay and Gottex Brands for Hungary.

San Francisco -- Gap Inc. announced Monday that it will introduce the Gap brand to Paraguay and Hungary through new agreements with existing franchise partners: Neutral for Paraguay and Gottex Brands for Hungary. The first Gap store will open later this year in Paraguay, joining Neutral’s 2012 Gap launch in Uruguay. And, in Hungary, Gottex Brands will open two Gap stores in Budapest. A specific timeline wasn’t released.

May 9, 2013

TJX Cos., Gap Inc., The Buckle and Zumiez all reported better-than-expected same-store sales for April, even as concerns about the job market bit into other retailers’ results.

New York -- TJX Cos., Gap Inc., The Buckle and Zumiez all reported better-than-expected same-store sales for April, even as concerns about the job market bit into other retailers’ results.
   

May 7, 2013

Go offline, young man: That appears to be the mantra of e-commerce merchants these days.

As competition in the world of online retailing heats up — with Amazon's ever-burgeoning dominance posing the biggest threat — more pure-players are taking the brick-and-mortar plunge. It's a reminder, many experts say, of the strong appeal of the in-store experience — even when stacked up against the convenience of online shopping.

March 7, 2013

Gap Inc. said that its February same-store sales rose a better-than-expected 3% for the four weeks ended Feb. 25.

New York -- Gap Inc. said Thursday that its February same-store sales rose a better-than-expected 3% for the four weeks ended Feb. 25. Analysts expected a 2% increase.
   
The chain was due to release the sales figures after the market closed, but put them out at midday after they were found in a leaked transcript of prerecorded comments.

By division, same-store sales rose 2% at Gap and 6% at Old Navy. They fell 5% at Banana Republic.