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Gap Inc. Reports Fourth Quarter And Fiscal Year 2013 Results

Gap Inc. (NYSE: GPS) today reported fourth quarter and fiscal year 2013 results and provided guidance for fiscal year 2014. Delivering another consecutive year of double-digit earnings per share growth, the company increased earnings per share 18 percent to $2.74 on a diluted basis for the 52 weeks ended February 1, 2014 compared with $2.33 for the 53 weeks ended February 2, 2013.

“We are pleased to deliver another year of profitable growth for our shareholders,” said Glenn Murphy, chairman and chief executive officer of Gap Inc. “Engaging customers across our multi-channel portfolio of brands positions us well on our path to winning in the global marketplace.”

Additional Financial and Business Highlights

  • Demonstrating the company’s focus on creating a competitive advantage through innovative omni-channel capabilities, online net sales increased 21 percent to $2.26 billion for fiscal year 2013.
  • In fiscal year 2013, the company expanded its Gap store base in mainland China, opening 34 stores, for a total of 81 stores, inclusive of Gap outlet stores. The brand expects to open about 30 additional Gap stores in China during fiscal year 2014.
  • Continuing to grow its Old Navy brand globally, the company expects in fiscal year 2014 to debut Old Navy in China with about 5 stores and begin franchising Old Navy stores internationally, starting with the Philippines this March. In addition, Old Navy expanded its presence in Japan by opening 17 stores during fiscal year 2013 and plans to open about 25 new stores in Japan during fiscal year 2014.
  • Building on its success at the intersection of fashion and fitness, the company’s Athleta brand ended fiscal year 2013 with 65 Athleta stores and expects to open about 30 additional U.S. stores during fiscal year 2014.
  • The company continued to grow its Franchise business during fiscal year 2013 with 72 new stores, now totaling 375 stores in over 40 global markets. In fiscal year 2014, the company expects its franchise partners to open about 75 additional stores across Gap, Banana Republic and Old Navy.

Fourth Quarter Results

Net sales for the 13 weeks ended February 1, 2014 were $4.58 billion, compared with $4.73 billion for the 14 weeks ended February 2, 2013. The company’s fourth quarter comparable sales were up 1 percent compared with a 5 percent increase in the fourth quarter last year.

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