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Gap plans to remodel 50 Old Navy Stores

Jun '09
Glenn K. Murphy (Chairman and CEO)
Gap Inc chairman and chief executive officer Glenn Murphy updated investors about the company's top priorities, including gaining market share at its core brands in North America while continuing to grow through its Online and International businesses.

“With our solid foundation and operational discipline in place, we're now taking steps across our brands to gain back market share,” said Murphy. “Our healthy balance sheet also gives us the flexibility to make strategic investments for the future.”

Murphy presented at the Piper Jaffray 29th Annual Consumer Conference where he reiterated the company's efforts to stabilize its North American business. The company has improved the efficiency of its economic model, and is now focused on leveraging creative talent throughout the company, and connecting with customers. As part of these efforts, Mr. Murphy announced Old Navy's plans to remodel approximately 50 stores in 2009.

“We're pleased with the results we've seen from the new store prototype that has been tested this year in two Old Navy stores in California, and we'll invest in 50 additional remodels this year,” said Murphy. “Early results demonstrate the new layouts create a better experience for our customers that better captures the unique energy that's central to Old Navy's fun personality.”

The company reiterated its full year capital expenditure guidance of $350 million for fiscal year 2009.

Gap Inc.'s Online and International businesses continue to offer solid growth potential for the company – which, combined, have increased by approximately $500 million from 2006 to 2008.

Plans to expand the offerings of the company's online shoe and handbag shop, Piperlime, include the addition of 50 new contemporary apparel labels later this summer.

Internationally, the company will continue to open new stores, including approximately 40 new franchise stores in a total of 20 countries by the end of the year. The company is also expanding its Outlet business in the United Kingdom, Japan and Canada.

Gap Inc

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