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TheStreet Open House

Gap Inc. Reports Fourth Quarter Earnings Per Share Increase Of 66 Percent

Stocks in this article: GPS

Net income for the 14 weeks ended February 2, 2013 was $351 million, or $0.73 per share on a diluted basis. This compares with net income of $218 million, or $0.44 per share on a diluted basis, for the 13 weeks ended January 28, 2012.

Fourth Quarter Comparable Sales Results

Comparable sales for the fourth quarter of fiscal year 2012 were as follows:

  • Gap North America: positive 4 percent versus negative 3 percent last year
  • Banana Republic North America: positive 3 percent versus flat last year
  • Old Navy North America: positive 8 percent versus negative 6 percent last year
  • International: negative 2 percent versus negative 8 percent last year

Fiscal Year 2012 Results

Net sales for the 53 weeks ended February 2, 2013, were $15.7 billion compared with net sales of $14.5 billion for the 52 weeks ended January 28, 2012. The company’s fiscal year 2012 comparable sales were up 5 percent compared with a 4 percent decrease last year.

For the 53 weeks ended February 2, 2013, the company reported net income of $1.1 billion, or $2.33 per share on a diluted basis, compared with net income of $833 million, or $1.56 per share on a diluted basis, for the 52 weeks ended January 28, 2012.

Fiscal Year 2012 Comparable Sales Results

Comparable sales for fiscal year 2012 were as follows:

  • Gap North America: positive 6 percent versus negative 4 percent last year
  • Banana Republic North America: positive 5 percent versus negative 1 percent last year
  • Old Navy North America: positive 6 percent versus negative 3 percent last year
  • International: negative 3 percent versus negative 7 percent last year

Net Sales Results

The following tables detail the company’s fourth quarter and fiscal year net sales:

             

($ in millions) 14 Weeks Ended February 2, 2013

Gap Old Navy Banana

Republic

Franchise (3) Other (4) Total (5)

Percentage of Net Sales

U.S. (1) $ 972 $ 1,459 $ 655 $ - $ - $ 3,086 65 %
Canada 108 125 69 - - 302 7
Europe 217 - 19 15 - 251 5
Asia 346 4 44 23 - 417 9
Other regions   -   -   -   45   -   45 1  
Total Stores reportable segment 1,643 1,588 787 83 - 4,101 87
Direct reportable segment (2)   185   237   85   -   117   624 13  
Total $ 1,828 $ 1,825 $ 872 $ 83 $ 117 $ 4,725 100 %
 

($ in millions) 13 Weeks Ended January 28, 2012

Gap Old Navy Banana

Republic

Franchise (3) Other (4) Total (5)

Percentage of Net Sales

U.S. (1) $ 935 $ 1,309 $ 616 $ - $ - $ 2,860 67 %
Canada 98 109 59 - - 266 6
Europe 201 - 17 16 - 234 6
Asia 331 - 41 23 - 395 9
Other regions   -   -   -   39   -   39 1  
Total Stores reportable segment 1,565 1,418 733 78 - 3,794 89
Direct reportable segment (2)   139   198   63   -   89   489 11  
Total $ 1,704 $ 1,616 $ 796 $ 78 $ 89 $ 4,283 100 %
 
 

($ in millions) 53 Weeks Ended February 2, 2013

Gap Old Navy Banana

Republic

Franchise (3) Other (4) Total (5)

Percentage of Net Sales

U.S. (1) $ 3,323 $ 4,945 $ 2,171 $ - $ - $ 10,439 67 %
Canada 352 410 216 - - 978 6
Europe 691 - 66 63 - 820 5
Asia 1,062 9 148 86 - 1,305 9
Other regions   -   -   -   182   -   182 1  
Total Stores reportable segment 5,428 5,364 2,601 331 - 13,724 88
Direct reportable segment (2)   537   748   247   -   395   1,927 12  
Total $ 5,965 $ 6,112 $ 2,848 $ 331 $ 395 $ 15,651 100 %
 

($ in millions) 52 Weeks Ended January 28, 2012

Gap Old Navy Banana

Republic

Franchise (3) Other (4) Total (5)

Percentage of Net Sales

U.S. (1) $ 3,231 $ 4,644 $ 2,060 $ - $ - $ 9,935 68 %
Canada 333 392 193 - - 918 6
Europe 702 - 54 69 - 825 6
Asia 966 - 131 79 - 1,176 8
Other regions   -   -   -   135   -   135 1  
Total Stores reportable segment 5,232 5,036 2,438 283 - 12,989 89
Direct reportable segment (2)   433   638   188   -   301   1,560 11  
Total $ 5,665 $ 5,674 $ 2,626 $ 283 $ 301 $ 14,549 100 %

_________

(1) U.S. includes the United States and Puerto Rico.
(2) Online sales shipped from distribution centers located outside the U.S. were $64 million ($41 million for Canada, $18 million for Europe, and $5 million for Japan) and $43 million ($31 million for Canada and $12 million for Europe) for the 14 weeks ended February 2, 2013 and the 13 weeks ended January 28, 2012, respectively. Online sales shipped from distribution centers located outside the U.S. were $172 million ($117 million for Canada, $50 million for Europe, and $5 million for Japan) and $127 million ($89 million for Canada and $38 million for Europe) for the 53 weeks ended February 2, 2013 and the 52 weeks ended January 28, 2012, respectively.
(3) Franchise sales were $83 million ($72 million for Gap and $11 million for Banana Republic) and $78 million ($68 million for Gap and $10 million for Banana Republic) for the 14 weeks ended February 2, 2013 and the 13 weeks ended January 28, 2012, respectively. Franchise sales were $331 million ($289 million for Gap and $42 million for Banana Republic) and $283 million ($247 million for Gap and $36 million for Banana Republic) for the 53 weeks ended February 2, 2013 and the 52 weeks ended January 28, 2012, respectively.
(4) Includes Piperlime and Athleta.
(5) Net sales outside of the U.S. and Canada (including Direct and Franchise) were $736 million and $680 million for the 14 weeks ended February 2, 2013 and the 13 weeks ended January 28, 2012, respectively. Net sales outside of the U.S. and Canada (including Direct and Franchise) were $2.4 billion and $2.2 billion for the 53 weeks ended February 2, 2013 and the 52 weeks ended January 28, 2012, respectively.

Additional Fiscal Year 2012 Results and 2013 Outlook

Earnings per Share

The company expects diluted earnings per share to be in the range of $2.52 to $2.60 for fiscal year 2013, or an 8 to 12 percent increase from the prior year.

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