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

For fiscal year 2013, the company expects capital spending to be approximately $675 million in support of its outlined strategies.

Real Estate

The company ended fiscal year 2012 with 3,407 store locations in 47 countries, 3,095 of which are company-operated. Square footage of company-operated stores decreased 1 percent from the end of fiscal year 2011.

In fiscal year 2013, the company expects to open about 160 company-operated stores, focused on Athleta, Gap China, Old Navy Japan, and global outlet stores. The company expects that it will close about 80 company-operated stores. The closures are weighted towards Gap North America, consistent with the company’s previously stated strategy. Given its focus on growing through new channels and geographies, the company expects square footage to increase about 1 percent in fiscal year 2013.

Store count, openings, closings, and square footage for our stores are as follows:
14 Weeks Ended February 2, 2013

Store Locations Beginning of Q4

Store Locations Opened

Store Locations Closed

Store Locations End of Q4

Square Feet (millions)
Gap North America 1,016 15 41 990 10.2
Gap Europe 196 2 - 198 1.7
Gap Asia 175 19 3 191 1.9
Old Navy North America 1,013 9 12 1,010 17.6
Old Navy Asia 1 - - 1 -
Banana Republic North America 589 7 6 590 4.9
Banana Republic Asia 37 1 - 38 0.2
Banana Republic Europe 10 - - 10 0.1
Athleta North America 30 5 - 35 0.2
Piperlime North America 1 - - 1 -
Intermix North America (1) - - - 31 0.1
Company-operated stores total 3,068 58 62 3,095 36.9
Franchise 271 43 2 312 N/A
Total 3,339 101 64 3,407 36.9

(1) On December 31, 2012, the company acquired Intermix. The 31 stores acquired were not included as store openings for the fourth quarter; however, they are included in the ending number of store locations as of February 2, 2013.

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 fourth quarter fiscal year 2012 results during a live conference call and webcast at approximately 2:00 p.m. Pacific 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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