- Delivers Fourth Consecutive Quarter of
Positive Comparable Sales Growth, with Positive 3 Percent.
- Increases Reported EPS Guidance to a
Range of $2.18 to $2.22 for Fiscal Year 2017.
- Increases Adjusted EPS Guidance to a
Range of $2.08 to $2.12, Compared to Previous Guidance of $2.02 to
$2.10.
- Distributed Approximately $572 Million
to Shareholders Through Share Repurchases and Dividends
Year-to-Date.
Gap Inc. (NYSE:GPS) today reported results for the third quarter
of fiscal year 2017. Gap Inc.’s third quarter fiscal year 2017
diluted earnings per share were $0.58. Total company comparable
sales for the third quarter of fiscal year 2017 were up 3
percent.
“Today, we are happy to report our fourth consecutive quarter of
positive comps, reflecting the continued momentum in key parts of
our business,” said Art Peck, president and chief executive
officer, Gap Inc.
“We continue to make progress against the balanced growth
strategy we outlined in September, driving efficiency at our more
mature brands, while growing our footprint in the value and active
space, and investing in our online and mobile experience.”
Third Quarter 2017 Comparable Sales Results
Gap Inc.’s comparable sales for the third quarter of fiscal year
2017 were up 3 percent versus a 1 percent decrease last year, which
excluded an estimated negative impact from the Fishkill
distribution center fire of approximately 2 percentage points.
Comparable sales by global brand for the third quarter were as
follows:
- Old Navy Global: positive 4
percent versus positive 4 percent last year, excluding an estimated
negative impact from the Fishkill distribution center fire of
approximately 1 percentage point.
- Gap Global: positive 1 percent
versus negative 4 percent last year, excluding an estimated
negative impact from the Fishkill distribution center fire of
approximately 4 percentage points.
- Banana Republic Global: negative
1 percent versus negative 6 percent last year, excluding an
estimated negative impact from the Fishkill distribution center
fire of approximately 2 percentage points.
Net Sales Results
Net sales for the third quarter of fiscal year 2017 were $3.84
billion compared with $3.80 billion for the third quarter of fiscal
year 2016. Third quarter net sales details appear in the tables at
the end of this press release.
Additional Third Quarter of Fiscal Year 2017 Results and 2017
Outlook
Earnings per Share
The company raised its reported diluted earnings per share
guidance for fiscal year 2017 to be in the range of $2.18 to $2.22.
Adjusted to exclude the second quarter benefit from insurance
proceeds related to the Fishkill fire of about $0.10, the company
now expects adjusted diluted earnings per share to be in the range
of $2.08 to $2.12. Please see the reconciliation of adjusted
diluted earnings per share, a non-GAAP financial measure, from the
GAAP financial measure in the table at the end of this press
release.
The company noted that foreign currency fluctuations negatively
impacted earnings per share for the third quarter of fiscal year
2017 by an estimated $0.02, or about 3 percentage points of
earnings per share growth compared with the adjusted earnings per
share for the third quarter of fiscal year 2016.1
Comparable Sales
The company now expects comparable sales for fiscal year 2017 to
be up low-single-digits.
Operating Expenses
Third quarter fiscal year 2017 operating expenses were $1.15
billion compared with $1.10 billion last year. Excluding
restructuring costs of $36 million recorded in the third quarter of
fiscal year 2016, third quarter fiscal year 2017 operating expenses
were up about $80 million when compared with last year on an
adjusted basis. The company noted the increase in adjusted
operating expenses was primarily driven by an increase in marketing
and payroll, largely due to bonus, as well as investments in
digital and customer initiatives that support the company’s
balanced growth strategy. Please see the reconciliation of adjusted
operating expenses, a non-GAAP financial measure, from the GAAP
financial measure in the tables at the end of this press
release.
Operating Margin
The company’s operating margin for the third quarter of fiscal
year 2017 was 9.8 percent compared with 10.2 percent last year or
11.0 percent last year on an adjusted basis. Please see the
reconciliation of adjusted operating margin, a non-GAAP financial
measure, from the GAAP financial measure in the tables at the end
of this press release.
Effective Tax Rate
The effective tax rate was 37.1 percent for the third quarter of
fiscal year 2017.
The company now expects its fiscal year 2017 effective tax rate
to be about 38 percent, primarily due to a more favorable tax
impact of foreign operations compared with fiscal year 2016.
Inventory
At the end of the third quarter of fiscal year 2017, total
inventory was up 3 percent year over year.
The company noted the increase is primarily due to the timing of
in-transit inventory and the negative impact of foreign
exchange.
Cash and Cash Equivalents
The company ended the third quarter of fiscal year 2017 with
$1.35 billion in cash and cash equivalents. Year-to-date free cash
flow, defined as net cash provided by operating activities less
purchases of property and equipment, net of insurance proceeds
related to loss of property and equipment, was $197 million,
reflecting the timing of lease payments and a larger increase in
inventory from the beginning of the fiscal year to the end of the
quarter when compared to the same period in fiscal year 2016.
Please see the reconciliation of free cash flow, a non-GAAP
financial measure, from the GAAP financial measure in the tables at
the end of this press release.
Cash Distribution
During the quarter, Gap Inc. repurchased 3.8 million shares for
about $100 million and ended the third quarter of fiscal year 2017
with 389 million shares outstanding.
The company expects to spend about $100 million on share
repurchases in the fourth quarter of fiscal year 2017.
The company paid a dividend of $0.23 per share during the third
quarter of fiscal year 2017. In addition, on November 9, 2017, the
company announced that its board of directors authorized a fourth
quarter dividend of $0.23 per share.
Capital Expenditures
Fiscal year-to-date 2017 capital expenditures were $463 million.
The company continues to expect capital spending to be
approximately $625 million for fiscal year 2017, excluding costs
associated with the rebuilding of the company’s Fishkill, New York
distribution center campus and related supply chain spend, which is
now estimated to be about $175 million. The company noted the
majority of these costs are expected to be covered by insurance
proceeds. Please see the reconciliation of adjusted capital
expenditures, a non-GAAP financial measure, from the GAAP financial
measure in the tables at the end of this press release.
Real Estate
The company ended the third quarter of fiscal year 2017 with
3,639 store locations in 46 countries, of which 3,193 were
company-operated.
The company now expects to close about 30 company-operated
stores, net of openings and repositions.
Webcast and Conference Call Information
Jennifer Fall, senior vice president of Corporate Finance and
Investor Relations at Gap Inc., will host a summary of the
company’s third quarter fiscal year 2017 results during a
conference call and webcast from approximately 2:00 p.m. to 3:00
p.m. Pacific Time today. Ms. Fall will be joined by Art Peck, Gap
Inc. president and chief executive officer, and Teri List-Stoll,
Gap Inc. executive vice president and chief financial officer.
The conference call can be accessed by calling 1-855-5000-GPS or
1-855-500-0477 (participant passcode: 1998196). International
callers may dial 1-323-794-2078. The webcast can be accessed at
www.gapinc.com.
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: earnings per share, comparable sales for fiscal year
2017; foreign exchange impact in fiscal year 2017; effective tax
rate for fiscal year 2017; share repurchases in the fourth quarter
of fiscal year 2017; capital expenditures for fiscal year 2017;
costs related to rebuilding the Fishkill distribution center;
insurance recovery for costs related to the fire at our Fishkill
distribution center; new stores, store closures and store count at
the end of fiscal year 2017; store openings and closures by the end
of 2018; SG&A for the fourth quarter of fiscal year 2017; and
online growth in fiscal year 2017.
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 risks, any of which could have an adverse
effect on the Company’s financial condition, results of operations,
and reputation: 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
unaudited financial information; the risk that the company or its
franchisees will be unsuccessful in gauging apparel trends and
changing consumer preferences; the highly competitive nature of the
company’s business in the United States and internationally; the
risk of failure to maintain, enhance and protect the company’s
brand image; the risk of failure to attract and retain key
personnel, or effectively manage succession; the risk that trade
matters could increase the cost or reduce the supply of apparel
available to the company; the risk of changes in the regulatory or
administrative landscape; the risk that the company’s investments
in omni-channel shopping initiatives may not deliver the results
the company anticipates; the risk if the company is unable to
manage its inventory effectively; the risk that the company is
subject to data or other security breaches that may result in
increased costs, violations of law, significant legal and financial
exposure, and a loss of confidence in the company’s security
measures; the risk of foreign currency exchange rate fluctuations;
the risks to the company’s business, including its costs and supply
chain, associated with global sourcing and manufacturing; the risk
of changes in global economic conditions or consumer spending
patterns; the risks to the company’s efforts to expand
internationally, including its ability to operate under a global
brand structure and operating in regions where it has less
experience; the risks to the company’s reputation or operations
associated with importing merchandise from foreign countries,
including failure of the company’s vendors to adhere to its Code of
Vendor Conduct; the risk that the company’s franchisees’ operation
of franchise stores is not directly within the company’s control
and could impair the value of its brands; 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 the
company’s access to the capital markets; the risk that updates or
changes to the company’s information technology systems may disrupt
its operations; the risk of natural disasters, public health
crises, political crises, or other catastrophic events; the risk of
reductions in income and cash flow from our marketing and servicing
arrangement related to our private label and co-branded credit
cards; the risk that the adoption of new accounting pronouncements
will impact future results; the risk that the company does not
repurchase some or all of the shares it anticipates purchasing
pursuant to its repurchase program; and the risk that the company
will not be successful in defending various proceedings, lawsuits,
disputes, claims, and audits.
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, 2017, as well as
the company’s subsequent filings with the Securities and Exchange
Commission.
These forward-looking statements are based on information as of
November 16, 2017. 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.
About Gap Inc.
Gap Inc. is a leading global retailer offering clothing,
accessories, and personal care products for men, women, and
children under the Gap, Banana Republic, Old Navy, Athleta,
Intermix, and Weddington Way brands. Fiscal year 2016 net sales
were $15.5 billion. Gap Inc. products are available for purchase in
more than 90 countries worldwide through about 3,200
company-operated stores, about 450 franchise stores, and e-commerce
sites. For more information, please visit www.gapinc.com.
1 In estimating the earnings per share impact from foreign
currency exchange rate fluctuations, the company estimates current
gross margins using the appropriate prior year rates (including the
impact of merchandise-related hedges), translates current period
foreign earnings at prior year rates, and excludes the
year-over-year earnings impact of balance sheet remeasurement and
gains or losses from non-merchandise-related foreign currency
hedges. This is done in order to enhance the visibility of business
results excluding the direct impact of foreign currency exchange
rate fluctuations.
The Gap, Inc. CONDENSED CONSOLIDATED BALANCE
SHEETS UNAUDITED ($ in
millions) October 28, October 29, 2017
2016 ASSETS Current assets: Cash and cash equivalents $
1,353 $ 1,522 Merchandise inventory 2,476 2,398 Other current
assets 654 751 Total current assets 4,483 4,671
Property and equipment, net 2,686 2,662 Other long-term assets
726 674 Total assets $ 7,895 $ 8,007
LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Current
maturities of debt $ - $ 424 Accounts payable 1,330 1,413 Accrued
expenses and other current liabilities 1,132 1,059 Income taxes
payable 134 19 Total current liabilities 2,596
2,915 Long-term liabilities: Long-term debt 1,248 1,320
Lease incentives and other long-term liabilities 1,027
1,046 Total long-term liabilities 2,275 2,366
Total stockholders' equity 3,024 2,726 Total
liabilities and stockholders' equity $ 7,895 $ 8,007
The Gap, Inc. CONDENSED CONSOLIDATED STATEMENTS OF
INCOME UNAUDITED 13 Weeks
Ended 39 Weeks Ended ($ and shares in
millions except per share amounts) October 28,
October 29, October 28,
October 29,
2017 2016 2017 2016 Net sales $ 3,838 $
3,798 $ 11,077 $ 11,087 Cost of goods sold and occupancy expenses
2,313 2,305 6,770 6,948 Gross profit
1,525 1,493 4,307 4,139 Operating expenses 1,147
1,104 3,224 3,249 Operating income 378 389 1,083 890
Interest, net 14 17 42 51 Income before
income taxes 364 372 1,041 839 Income taxes 135 168
398 383 Net income $ 229 $ 204 $ 643 $ 456
Weighted-average number of shares - basic 391 399 395 398
Weighted-average number of shares - diluted 393 400 397 400
Earnings per share - basic $ 0.59 $ 0.51 $ 1.63 $ 1.15 Earnings per
share - diluted $ 0.58 $ 0.51 $ 1.62 $ 1.14
The
Gap, Inc. CONDENSED CONSOLIDATED STATEMENTS OF CASH
FLOWS UNAUDITED 39 Weeks
Ended ($ in millions) October 28,
October 29, 2017 2016 Cash flows from
operating activities: Net income $ 643 $ 456 Depreciation and
amortization (a) 372 402 Change in merchandise inventory (636 )
(513 ) Other, net 221 455 Net cash
provided by operating activities 600 800
Cash flows from investing activities: Purchases of
property and equipment (463 ) (383 ) Insurance proceeds related to
loss on property and equipment 60 - Other (3 ) (1 )
Net cash used for investing activities (406 ) (384 )
Cash flows from financing activities: Payments of current
maturities of debt (67 ) - Proceeds from issuances under
share-based compensation plans 23 25 Withholding tax payments
related to vesting of stock units (15 ) (18 ) Repurchases of common
stock (300 ) - Excess tax benefit from exercise of stock options
and vesting of stock units - 1 Cash dividends paid (272 )
(275 ) Net cash used for financing activities (631 )
(267 ) Effect of foreign exchange rate fluctuations
on cash and cash equivalents 7 3 Net
increase (decrease) in cash and cash equivalents (430 ) 152 Cash
and cash equivalents at beginning of period 1,783
1,370 Cash and cash equivalents at end of period $
1,353 $ 1,522 (a) Depreciation
and amortization is net of amortization of lease incentives.
The Gap, Inc. NON-GAAP FINANCIAL MEASURES
UNAUDITED FREE CASH FLOW Free cash flow
is a non-GAAP financial measure. We believe free cash flow is an
important metric because it represents a measure of how much cash a
company has available for discretionary and non-discretionary items
after the deduction of capital expenditures, net of insurance
proceeds related to loss on property and equipment, as we require
regular capital expenditures to build and maintain stores and
purchase new equipment to improve our business. We use this metric
internally, as we believe our sustained ability to generate free
cash flow is an important driver of value creation. However, this
non-GAAP financial measure is not intended to supersede or replace
our GAAP results.
39 Weeks Ended ($
in millions) October 28, October
29, 2017 2016 Net cash provided by operating
activities $ 600 $ 800 Less: Purchases of property and equipment
(463 ) (383 ) Add: Insurance proceeds related to loss on property
and equipment (a) 60 - Free cash flow $
197 $ 417 ____________________ (a)
Represents insurance proceeds related to loss on property and
equipment from the fire that occurred on the company-owned
distribution center campus in Fishkill, New York on August 29,
2016.
The Gap, Inc. NON-GAAP FINANCIAL
MEASURES UNAUDITED ADJUSTED INCOME STATEMENT
METRICS FOR THE THIRD QUARTER OF FISCAL YEAR 2016 The
following adjusted income statement metrics are non-GAAP financial
measures. These measures are provided to enhance visibility into
the company's underlying results for the period excluding the
impact of restructuring activities in the third quarter of fiscal
year 2016. Management believes the adjusted metrics are useful for
the assessment of ongoing operations as we believe the adjusted
items are not indicative of our ongoing operations due to the
nature of the adjustments, and management believes that the
presentation of adjusted financial information provides additional
information to investors to facilitate the comparison of results
against prior years. However, these non-GAAP financial measures are
not intended to supersede or replace the GAAP measures.
($ in millions)
Operating
Operating
Operating
Expenses as a % of
Operating
Income as a % of
13 Weeks Ended October 29, 2016
Gross Profit
Gross Margin
Expenses
Net Sales
Income
Net Sales
GAAP metrics, as reported $ 1,493 39.3 % $ 1,104 29.1 % $ 389 10.2
% Adjustments for impact of fiscal year 2016 restructuring costs
(a) (7 ) (0.2 )% (36 ) (1.0 )% 29 0.8 %
Non-GAAP metrics $ 1,486 39.1 % $ 1,068 28.1 % $ 418
11.0 % ______________________________ (a)
Represents the restructuring costs incurred related to fiscal year
2016 store closures and streamlining the company's operations
incurred in the third quarter of fiscal year 2016 and impact on
percentage of net sales. The costs primarily include lease
termination fees, store asset impairments, and employee related
costs.
The Gap, Inc. NON-GAAP FINANCIAL
MEASURES UNAUDITED ADJUSTED NET INCOME FOR THE
THIRD QUARTER OF FISCAL YEAR 2016 Adjusted net income is
a non-GAAP financial measure. Adjusted net income is provided to
enhance visibility into the company's underlying results for the
periods excluding the impact of restructuring activities in the
third quarter of fiscal year 2016. Management believes the adjusted
metrics are useful for the assessment of ongoing operations as we
believe the adjusted items are not indicative of our ongoing
operations due to the nature of the adjustments, and management
believes that the presentation of adjusted financial information
provides additional information to investors to facilitate the
comparison of results against prior years. Additionally, management
uses adjusted net income as a key performance measure for the
purposes of evaluating performance internally. However, this
non-GAAP financial measure is not intended to supersede or replace
the GAAP measure.
13 Weeks Ended ($ in
millions) October 29, 2016 Net income, as
reported $ 204 Add: Fiscal year 2016 restructuring costs (a) 29
Less: Tax benefit related to fiscal year 2016 restructuring costs
(b) (12 ) Add: Incremental tax expense related to fiscal year 2016
restructuring costs (c) 17 Adjusted net income $ 238
____________________ (a) Represents the
restructuring costs incurred related to fiscal year 2016 store
closures and streamlining the company's operations, and primarily
include lease termination fees, store asset impairments, and
employee-related costs. $36 million was recorded in operating
expenses and $7 million of credit, net, was recorded in cost of
goods sold and occupancy expenses during the third quarter of
fiscal year 2016. (b) The amount of tax benefit associated
with the fiscal year 2016 restructuring costs is calculated using
the adjusted effective tax rate. (c) Represents the
incremental tax expense related to fiscal year 2016 restructuring
costs.
The Gap, Inc. NON-GAAP FINANCIAL
MEASURES UNAUDITED ADJUSTED EARNINGS PER SHARE
FOR THE THIRD QUARTERS OF FISCAL YEARS 2017 AND 2016
Adjusted diluted earnings per share is a non-GAAP financial
measure. Adjusted diluted earnings per share is provided to enhance
visibility into the company's expected underlying results for the
period excluding the impact of restructuring activities in the
third quarter of fiscal year 2016. Management believes the adjusted
metrics are useful for the assessment of ongoing operations as we
believe the adjusted items are not indicative of our ongoing
operations due to the nature of the adjustments, and management
believes that the presentation of adjusted financial information
provides additional information to investors to facilitate the
comparison of results against prior years. Additionally, management
uses adjusted earnings per share as a key performance measure for
the purposes of evaluating performance internally. However, this
non-GAAP financial measure is not intended to supersede or replace
the GAAP measure.
13 Weeks Ended
October 28, October 29, 2017
2016 Earnings per share - diluted, as reported $ 0.58 $ 0.51
Add: Impact of fiscal year 2016 restructuring costs (a) - 0.04 Add:
Impact of incremental tax expenses related to fiscal year 2016
restructuring costs (b) - 0.05 Diluted
earnings per share adjusted for certain items $ 0.58 $ 0.60 Add:
Estimated impact from foreign exchange (c) 0.02
Diluted earnings per share adjusted for foreign exchange $ 0.60
Earnings per share decline adjusted for certain items
(3 )% Foreign exchange impact on adjusted earnings per share growth
3 % Earnings per share growth adjusted for certain items and
foreign exchange 0 % ____________________ (a)
Represents the earnings per share impact of restructuring costs
incurred related to fiscal year 2016 store closures and
streamlining the company's operations, calculated net of tax at the
adjusted effective tax rate. The costs primarily include lease
termination fees, store asset impairments, and employee-related
costs. (b) Represents the earnings per share impact of
incremental tax expenses related to fiscal year 2016 restructuring
costs. (c) In estimating the earnings per share impact from
foreign currency exchange rate fluctuations, the company estimates
current gross margins using the appropriate prior year rates
(including the impact of merchandise-related hedges), translates
current period foreign earnings at prior year rates, and excludes
the year-over-year earnings impact of balance sheet remeasurement
and gains or losses from non-merchandise-related foreign currency
hedges.
The Gap, Inc. NON-GAAP FINANCIAL
MEASURES UNAUDITED
EXPECTED ADJUSTED EARNINGS PER SHARE FOR FISCAL YEAR 2017
Expected adjusted diluted earnings per share is a non-GAAP
financial measure. Expected adjusted diluted earnings per share for
fiscal year 2017 is provided to enhance visibility into the
company's expected underlying results for the period excluding the
impact of the gain from insurance proceeds. However, this non-GAAP
financial measure is not intended to supersede or replace the GAAP
measure.
53 Weeks Ending February 3, 2018
Low End High End Expected earnings per share -
diluted $ 2.18 $ 2.22 Less: Estimated impact of gain from insurance
proceeds (a) (0.10 ) (0.10 ) Expected adjusted
earnings per share - diluted $ 2.08 $ 2.12
____________________ (a) Represents the estimated gain from
insurance proceeds, calculated net of tax at the effective tax
rate, related to the fire that occurred in one of the buildings at
a company-owned distribution center campus in Fishkill, New York.
The Gap, Inc. NON-GAAP FINANCIAL
MEASURES UNAUDITED EXPECTED ADJUSTED
CAPITAL EXPENDITURES Expected adjusted capital
expenditures is a non-GAAP financial measure. Expected adjusted
capital expenditures for fiscal year 2017 excludes estimated costs
associated with rebuilding our Fishkill distribution center and
related supply chain spend, the majority of which is expected to be
covered by insurance proceeds. However, this non-GAAP financial
measure is not intended to supersede or replace the GAAP measure.
($ in millions) 53 Weeks Ending February 3,
2018 Expected capital expenditures $ 800 Less: Estimated costs
associated with rebuilding our Fishkill distribution center
(175 ) Expected adjusted capital expenditures $ 625
The Gap, Inc. NET SALES RESULTS
UNAUDITED The following table details the company’s
third quarter fiscal year 2017 net sales:
($ in millions)
Old Navy
Banana
Percentage of
13 Weeks Ended October 28, 2017
Gap Global
Global
Republic Global
Other (2)
Total
Net Sales
U.S. (1) $ 750 $ 1,587 $ 467 $ 200 $ 3,004 79 % Canada 109 143 57 1
310 8 % Europe 154 - 4 - 158 4 % Asia 278 13 21 - 312 8 % Other
regions 31 15 8 - 54 1 % Total $
1,322 $ 1,758 $ 557 $ 201 $ 3,838 100 %
($ in
millions)
Old Navy
Banana
Percentage of
13 Weeks Ended October 29, 2016
Gap Global
Global
Republic Global
Other (3)
Total
Net Sales
U.S. (1) $ 756 $ 1,507 $ 479 $ 172 $ 2,914 77 % Canada 102 131 55 1
289 8 % Europe 150 - 14 - 164 4 % Asia 296 55 25 - 376 10 % Other
regions 36 12 7 - 55 1 % Total $
1,340 $ 1,705 $ 580 $ 173 $ 3,798 100 % (1)
U.S. includes the United States, Puerto Rico, and Guam. (2)
Includes Athleta, Intermix, and Weddington Way. (3) Includes
Athleta and Intermix.
The Gap, Inc. REAL
ESTATE Store count, openings, closings, and square
footage for our stores are as follows:
13
Weeks Ended October 28, 2017 Store Locations
Store Store Locations
Store Locations Square Feet
Beginning of Q3
Locations Opened
Closed End of Q3 (millions) Gap North America
834 3 2 835 8.6 Gap Asia 305 21 17 309 3.0 Gap Europe 159 2 4 157
1.3 Old Navy North America 1,051 7 1 1,057 17.6 Old Navy Asia 13 -
- 13 0.2 Banana Republic North America 596 1 1 596 5.0 Banana
Republic Asia 48 - - 48 0.2 Athleta North America 133 7 - 140 0.6
Intermix North America 40 - 2 38 0.1 Company-operated stores total
3,179 41 27 3,193 36.6 Franchise 463 9 26 446 N/A Total 3,642 50 53
3,639 36.6
View source
version on businesswire.com: http://www.businesswire.com/news/home/20171116006321/en/
Gap Inc.Investor Relations Contact:Tina Romani,
415-427-5264Investor_relations@gap.comorMedia Relations
Contact:Trina Somera, 415-427-3145Press@gap.com
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