Launched in 1994, Old Navy brings fun, fashion and value to the whole family. Customers quickly connected with the brand, as Old Navy became the first retailer to reach $1 billion in annual sales in less than four years of operation. Old Navy operates more than 1,000 stores in the U.S., Canada and Japan and has an e-commerce presence that serves customers in nearly 80 countries around the world.About Gap Inc. Gap Inc. is a leading global retailer offering clothing, accessories, and personal care products for men, women, children, and babies under the Gap, Banana Republic, Old Navy, Piperlime, Athleta, and Intermix brands. Fiscal year 2013 net sales were $16.1 billion. Gap Inc. products are available for purchase in more than 90 countries worldwide through about 3,100 company-operated stores, over 350 franchise stores, and e-commerce sites. For more information, please visit www.gapinc.com. Forward Looking Statements This press release contains 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:
- Old Navy store openings in China in fiscal 2014;
- Launch of the Old Navy franchise business in the Philippines;
- Old Navy store openings in Japan in fiscal 2014; and
- Total number of Old Navy stores in Japan at the end of fiscal 2014.
- 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 internationally;
- the risk that the company will be unsuccessful in gauging apparel trends and changing consumer preferences;
- the risk that the company 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 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 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.
These forward-looking statements are based on information as of February 27, 2014. The company assumes no obligation to publicly update or revise its forward-looking statements even if experience or future changes make it clear that any projected results expressed or implied therein will not be realized.