Home / Knowledge / News / Apparel/Garments / Top line growth will continue to be focus in 2011, Gap Inc
Top line growth will continue to be focus in 2011, Gap Inc
25
Feb '11
Delivering its fourth consecutive year of double-digit earnings per share growth, Gap Inc reported earnings per share for fiscal year 2010 increased 19 percent to $1.88 on a diluted basis compared with $1.58 on a diluted basis for fiscal year 2009. Net earnings grew by $102 million to $1.2 billion.

“During 2010, we executed well on our goal of delivering sales improvement alongside our fourth consecutive year of double-digit earnings per share growth,” said Glenn Murphy, chairman and chief executive officer of Gap Inc. “We remain committed to investing in the future and executing with speed and consistency, allowing us to capitalize on the enormous global growth potential ahead of us.”

Over the past year, Gap Inc. delivered on its promise to bring more customers worldwide the opportunity to purchase its products. In fiscal year 2010, the company opened its first flagship stores in Italy and China and expanded its online presence to over 90 countries, including the launch of dedicated sites in Canada, Europe and China. The company's online and international businesses represented 22 percent of the total fiscal year 2010 revenue, up 2 percent from the previous year.

Top line growth will continue to be a focus in fiscal year 2011. The company plans to make targeted, long-term growth investments such as the following: continuing to remodel Old Navy stores with the goal of having nearly 400 in the new format by the end of fiscal year 2011; opening about 75 new franchise stores; opening about 50 company-owned stores internationally, including about 10 to 15 stores in China, 8 to 10 stores in Italy, and 25 outlet stores; expanding Athleta in North America, with about 8 to 10 store openings by the end of fiscal year 2011; and continuing to grow online, both internationally and domestically.

For the fourth quarter, which ended January 29, 2011, the company's net earnings increased 4 percent to $365 million, or $0.60 per share on a diluted basis, compared with $352 million, or $0.51 per share on a diluted basis, for the same period last year.

Fourth quarter net sales were $4.36 billion compared with $4.24 billion for the fourth quarter of last year. The company's fourth quarter comparable store sales were flat compared with an increase of 2 percent in the fourth quarter of the prior year. The company's sales for the Direct division for the fourth quarter increased 23 percent to $404 million compared with $329 million for the fourth quarter of last year.

Net sales were $14.66 billion for the 52 weeks ended January 29, 2011, which is an increase of 3 percent compared with net sales of $14.20 billion for the 52 weeks ended January 30, 2010. The company's fiscal year 2010 comparable store sales increased 1 percent compared with a decrease of 3 percent for the prior year. The company's sales for the Direct division for fiscal year 2010 increased 16 percent to $1.30 billion compared with $1.12 billion in the prior year. The company's comparable store sales including the associated comparable online sales increased 2 percent for fiscal year 2010.


Must ReadView All

Indian govt approves special package for leather, footwear

Textiles | On 16th Dec 2017

Indian govt approves special package for leather, footwear

The Union Cabinet chaired by PM Narendra Modi has approved a special...

EU parliament resolution calls for Cambodia sanctions

Apparel/Garments | On 16th Dec 2017

EU parliament resolution calls for Cambodia sanctions

Following the ongoing crackdown in Cambodia on the opposition and...

Affordable prices to be hit if US pulls out of NAFTA: NRF

Apparel/Garments | On 16th Dec 2017

Affordable prices to be hit if US pulls out of NAFTA: NRF

US retailers’ ability to offer consumers quality products at...

Interviews View All

Sonia Agarwal
Whitenife

‘The terms eco-friendly and organic are common but everyone perceives them ...

Binoy Ravjani
Hero's Fashion

‘One of the recent trends in hand block printing is the indigo process,...

Vidhyaa Shankar. S
A Ganapathi Chettiar

'The usage of knits is getting into the boundaries of woven fabrics'

Ravindra Jain, Ashish Baid

Oswal Prints Private Limited has been manufacturing and exporting ethnic...

Suresh P Bagrecha

Komal Texfab, founded in 1981, is into manufacturing of knitted fabrics,...

Anupam Arya

<div>Jaipur-based Fabriclore Retailing Pvt. Ltd. is attempting to revive...

Kerem Durdag
Biovation II LLC

Kerem Durdag, CEO, Biovation II LLC, provides an insight into future...

Silke Brand-Kirsch
Schlegel und Partner

Silke Brand-Kirsch, executive partner of Schlegel und Partner, a leading...

Eamonn Tighe
Nature Works LLC

Eamonn Tighe, Fibres and Nonwovens - Business Development Manager of...

Amiben Shroff
Shrujan

From its modest beginning in the late 1960s, Shrujan has grown into a...

Prathyusha Garimella
Prathyusha Garimella

Hyderabad-based designer <b>Prathyusha Garimella</b> is known for blending ...

Mike Hoffman
Gildan Activewear SRL

Gildan Activewear, a manufacturer and marketer of branded clothing and...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

December 2017

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

news category


Related Categories:

Planning to Take the Leap towards
Sustainability?

Do you see sustainability as a route to business growth?

Yes No

Do you think the sustainability space has the needed tools and resources available for a business to lead change?

Yes No

Active Poll

Do you see sustainability as a route to business growth?

Yes
69.6%
No
12.0%
Skip
18.5%

Total Votes: 92

Do you think adopting a sustainable approach will be a profitable move for your business?

Yes No

Active Poll

Do you think the sustainability space has the needed tools and resources available for a business to lead change?

Yes
62.0%
No
30.4%
Skip
7.6%

Total Votes: 92

Do you want the world to know about your sustainability journey and your business’ environmental footprint?

Yes No

Active Poll

Do you think adopting a sustainable approach will be a profitable move for your business?

Yes
87.0%
No
9.8%
Skip
3.3%

Total Votes: 92

Thanks for your valuable feedback. Claim your free latest sustainability e-book.

Active Poll

Do you want the world to know about your sustainability journey and your business’ environmental footprint?

Yes
81.5%
No
8.7%
Skip
9.8%

Total Votes: 92


E-News Insight
Subscribe Today and Get the
Latest News Update in Your Mail Box.
Advanced Search