"Gap Inc. is determined to build upon its product and revenue momentum in 2012, which was achieved as we focused on becoming the world’s favorite for American style," says Glenn Murphy, chairman and chief executive officer of Gap Inc. “There is meaningful opportunity for our diverse portfolio of brands to gain share in the $1.4 trillion global apparel market.”
“Over the next five years, key to our continued success will be pushing the envelope further to make shopping seamless to customers through our digital strategy, while seizing the opportunity for Old Navy in many untapped international markets,” Murphy adds.
Company executives have confidence about the long-term growth potential of the brands and will reaffirm their intention to expand through geographies and channels including specialty, online, outlet and franchise. The company is announcing it expects to start to franchise Old Navy in 2014 in key international markets.
Additionally, it will consider building upon its success with Gap in China by exploring adding company-operated Old Navy and Banana Republic stores to this important market. Murphy and company leaders are discussing the opportunities to continue the growth of its emerging brands – Athleta, Piperlime and Intermix – in North America.
In addition to Gap Inc.’s competitive advantage given its multiple brand, channel and geography model, the company plans to build upon its online success by delivering an industry-leading omni-channel platform for consumers as the retail landscape continues to merge online and brick-and-mortar shopping experiences.
This end-to-end system, which includes capabilities such as ship-from-store, find-in-store and reserve-in-store, is designed to leverage Gap Inc. channels and resources to drive store traffic and conversion, while meeting the needs of customers who increasingly demand an integrated shopping experience.
As it has the last number of years, the company will underscore its commitment to delivering against long-term financial strategies and goals.
“We are committed to driving shareholder value and remain focused on our economic model of consistently growing sales, maintaining strong expense discipline, growing earnings per share and returning excess cash to shareholders,” says Sabrina Simmons, executive vice president and chief financial officer, Gap Inc.
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