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Gap Inc. Reports Third Quarter Earnings Per Share Of $0.63 – Up From $0.38 Last Year

Capital Expenditures

Year-to-date capital expenditures were $449 million. The company expects fiscal year 2012 capital spending of about $675 million.

Real Estate

The company ended the third quarter of fiscal year 2012 with a total of 3,339 store locations in 45 countries, 3,068 of which were company-operated.

On a year-to-date basis, the company opened 107 and closed 75 company-operated store locations. Square footage of company-operated stores was 36.9 million at the end of the third quarter, a decrease of about 2 percent from 37.6 million at the end of the third quarter of fiscal year 2011. This decrease reflects Gap Inc.’s strategy to optimize square footage in North America.

The company continues to expect net openings of about 15 company-operated stores and about 50 to 75 franchise stores during fiscal year 2012. Square footage for company-operated stores is expected to decrease by about 1 percent by the end of fiscal year 2012 compared with the end of fiscal year 2011.

Store count, openings, closings, and square footage for our stores are as follows:
  Quarter Ended October 27, 2012

Store Locations Beginning of Q3

Store Locations Opened

Store Locations Closed

Store Locations End of Q3

Square Feet (millions)
Gap North America 1,014 6 4 1,016 10.5
Gap Europe 194 2 - 196 1.7
Gap Asia 165 11 1 175 1.7
Old Navy North America 1,010 9 6 1,013 17.7
Old Navy Asia 1 - - 1 -
Banana Republic North America 586 5 2 589 4.9
Banana Republic Asia 33 4 - 37 0.2
Banana Republic Europe 10 - - 10 0.1
Athleta North America 22 8 - 30 0.1
Piperlime North America - 1 - 1 -
Company-operated stores total 3,035 46 13 3,068 36.9
Franchise 250 25 4 271 N/A
Total 3,285 71 17 3,339 36.9

Webcast and Conference Call Information

Katrina O'Connell, vice president of Corporate Finance and Investor Relations at Gap Inc., will host a summary of the company’s third quarter fiscal year 2012 results during a live conference call and real-time webcast at approximately 5 p.m. Eastern Time today. Ms. O’Connell will be joined by Glenn Murphy, Gap Inc. chairman and chief executive officer, and Sabrina Simmons, Gap Inc. chief financial officer.

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