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

To access the conference call, please dial (800) 374-1731, or (706) 679-5876 for international callers. The webcast can be accessed from the Financial News and Events page of the Investors section at www.gapinc.com. A replay of the call will be available on www.gapinc.com.

November Sales

The company will report November sales on November 29, 2012.

Forward-Looking Statements

This press release and related conference call and webcast 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:
  • delivering top line and long-term growth;
  • earnings per share for fiscal year 2012;
  • depreciation and amortization for fiscal year 2012;
  • operating expenses in the fourth quarter of fiscal year 2012;
  • operating expense deleverage in the fourth quarter of fiscal year 2012;
  • operating margin for fiscal year 2012;
  • effective tax rate for fiscal year 2012;
  • inventory dollars per store at the end of fiscal year 2012;
  • dividends per share for fiscal year 2012;
  • capital expenditures for fiscal year 2012;
  • optimizing square footage;
  • store openings and closings for fiscal year 2012;
  • real estate square footage for fiscal year 2012;
  • increasing sales with healthy merchandise margins;
  • growing earnings per share;
  • share repurchases, including the level of repurchases in 2012; and
  • future growth, including international stores and Athleta stores.

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 additional information may arise during the company's close process or as a result of subsequent events that would require the company to make adjustments to the financial information;
  • the risk that adoption of new accounting pronouncements will impact future results;
  • 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 in the United States and internationally;
  • the risk that the company or its franchisees will be unsuccessful in gauging apparel trends and changing consumer preferences;
  • the risk to the company's business associated with global sourcing and manufacturing, including sourcing costs, events causing disruptions in product shipment, or an inability to secure sufficient manufacturing capacity;
  • the risk that the company's franchisees will be unable to successfully open, operate, and grow their franchised stores in a manner consistent with the company's requirements regarding its brand identities and customer experience standards;
  • the risk that the company or its franchisees 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 comparable sales and margins will experience fluctuations;
  • 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 trade matters could increase the cost or reduce the supply of apparel available to the company and adversely affect its business, financial condition, and results of operations;
  • the risk that updates or changes to the company's information technology ("IT") systems may disrupt its operations;
  • the risk that actual or anticipated cyber attacks, and other cybersecurity risks, may cause the company to incur increasing costs;
  • 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 does not repurchase some or all of the shares it anticipates purchasing pursuant to its repurchase program;
  • 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 filings with the Securities and Exchange Commission.

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