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The Gap, Inc. (NYSE: GPS) is a leading international specialty retailer headquartered in San Francisco, California. Founded in 1969 by Doris and Don Fisher, the company has grown to operate nearly 3,200 stores worldwide and employ over 150,000 individuals. Gap Inc. manages a diverse portfolio of well-known brands including Gap, Old Navy, Banana Republic, Athleta, and Intermix. Each of these brands has a unique identity and caters to different market segments, ranging from affordable family essentials to high-performance athletic wear.
The company's core business revolves around retailing apparel, accessories, and personal-care products. Old Navy, which contributes more than half of Gap Inc.'s sales, is a significant driver of the company's financial success, offering budget-friendly fashion for the entire family. Gap stores provide casual, quality apparel, while Banana Republic offers modern, sophisticated clothing and accessories. Athleta, a certified B Corporation, emphasizes performance lifestyle apparel for women and girls, promoting inclusivity and community engagement. Intermix specializes in curated collections of emerging and established designers.
In recent years, Gap Inc. has made substantial strides in its global expansion, opening new stores in China and Italy, and extending its online shopping capabilities to around 90 countries. The company leverages omnichannel retail strategies to seamlessly integrate its physical stores with e-commerce platforms, enhancing the consumer shopping experience.
Gap Inc. is steadfast in its commitment to sustainability and social responsibility. The company has launched various initiatives to reduce its environmental footprint, including partnerships with innovative companies like Ambercycle to utilize textile-to-textile recycled materials in its products. Athleta's introduction of the Train Collection, featuring recycled polyester, exemplifies this commitment to sustainable fashion.
The company has also focused on strengthening its executive leadership team. Recent appointments include Zac Posen as Executive Vice President and Creative Director, Eric Chan as Chief Business and Strategy Officer, and Amy Thompson as Chief People Officer. These leaders are poised to drive operational and financial rigor, brand reinvigoration, and cultural relevance.
Financially, Gap Inc. reported a fiscal year 2022 net sales of $15.6 billion and fiscal year 2023 net sales of $14.9 billion. The company continues to focus on enhancing its financial performance through strategic initiatives aimed at improving margins and cash flow. Recent quarterly reports indicate positive market share gains and improved brand performance.
Overall, Gap Inc. remains a formidable player in the global retail industry, continually adapting to market changes while staying true to the core principles of creativity, customer focus, and ethical business practices established by its founders.
Gap Inc. (NYSE: GPS) reported first quarter fiscal year 2021 diluted earnings per share of $0.43, or $0.48 adjusted for divestiture charges. The company raised its full-year earnings guidance to $1.55-$1.70, boosted by a reported 8% sales growth compared to 2019. Notably, Old Navy and Athleta saw strong performances, with sales up 27% and 56%, respectively. Online sales surged 82% year-over-year, constituting 40% of total sales. However, Gap and Banana Republic faced sales declines of 16% and 29% compared to 2019. The company also announced a resumption of its share repurchase program, aiming to buy back $200 million in shares.
Gap and Walmart have formed a strategic partnership to launch Gap Home, a new brand of home essentials, exclusively at Walmart. Starting June 24, customers will find over 400 items ranging from home décor to bedding, with prices from $15.88 to $64.98. This collaboration combines Walmart's extensive reach with Gap's brand heritage. Gap Home emphasizes sustainability through items made with organic cotton and recycled materials. Executives from both companies express excitement over this growth opportunity and the potential to expand Gap's lifestyle brand.
Gap Inc. (NYSE: GPS) announced participation in two virtual investor conferences next month. On June 2nd at 11:00 a.m. PT, CEO Sonia Syngal and CFO Katrina O’Connell will engage in a fireside chat at the RBC Capital Markets Global Consumer and Retail Conference. Following this, they will also speak at the Deutsche Bank Global Consumer Conference on June 7th at 8:00 a.m. PT. Live webcasts will be available at investors.gapinc.com, with replays accessible afterward.
Gap Inc. (NYSE: GPS) has announced a dividend of $0.12 per share for the second quarter of fiscal year 2021, with payment scheduled for on or after July 28, 2021. Shareholders on record as of July 7, 2021 will benefit from this payout. The company is also resuming its share repurchase program, with $800 million remaining from a total $1 billion authorization. They plan to repurchase up to $200 million in shares this fiscal year, contingent on market conditions.
Gap Inc. (NYSE: GPS) will hold its 2021 Annual Meeting of Shareholders virtually on May 11, 2021, starting at 10:00 a.m. Pacific Time. Shareholders can attend and vote electronically at www.virtualshareholdermeeting.com/GAP2021. A webcast replay will be available on the company’s website for 30 days following the meeting. The event allows shareholders to use a 16-digit control number for voting, while guests can join in listen-only mode without the need for a control number.
Gap Inc. (NYSE: GPS) will announce its first quarter 2021 earnings on May 27, 2021, at 1:15 p.m. Pacific Time. A live conference call and webcast summarizing these results will follow from 2:00 p.m. to 3:00 p.m. Pacific Time. Participants can join via a Click to Join link, available 15 minutes before the start, or by dialing 1-855-5000-GPS for U.S. calls. International participants may call 1-323-794-2078. For the fiscal year 2020, Gap Inc. reported net sales of $13.8 billion, offering a range of products under various brands worldwide.
Athleta has announced a long-term partnership with Simone Biles, aiming to empower women and girls through a shared vision. The collaboration will focus on initiatives like Athleta Girl, promoting limitless potential among girls. Biles will work with Athleta's design team to create signature products and capsule collections. The partnership seeks to inspire young women via community engagement and programming. Athleta, a certified B Corporation and Gap Inc. brand, emphasizes diversity and inclusivity in its mission. This collaboration is seen as a significant step in promoting female empowerment in sports.
Gap Inc. (NYSE: GPS) brand Athleta is set to expand into Canada, marking its first company-owned venture outside the U.S. E-commerce will launch in late summer 2021, followed by retail stores in Yorkdale and Park Royal later in the fall. Athleta aims to open 20-30 stores annually, targeting $2 billion in net sales by 2023 after surpassing $1 billion in 2020 with 16% annual growth. E-commerce is a significant focus, representing 60% of U.S. sales, with plans to fulfill Canadian orders from its Brampton distribution center.
Gap Inc. (NYSE: GPS) announces that its brand Athleta will enter Canada, marking its first company-owned expansion outside the U.S. E-commerce will launch this summer, followed by retail stores in Yorkdale Shopping Center and Park Royal Shopping Centre in fall 2021. Athleta aims to open 20 to 30 stores annually in North America, targeting $2 billion in net sales by 2023, following a successful 2020 with over $1 billion in sales. The brand emphasizes sustainability and inclusivity, fulfilling Canadian orders from its Brampton distribution center to eliminate international shipping delays.
Gap Inc. (NYSE: GPS) announced long-term agreements with Barclays and Mastercard for its U.S. credit card program, starting May 2022. Barclays will be the exclusive issuer of Gap's co-branded and private label credit cards, leveraging Mastercard's network. This initiative aligns with Gap's Power Plan 2023, aimed at enhancing customer loyalty through new rewards programs, including Navyist Rewards and Gap Good Rewards. The collaboration seeks to deliver value and improve customer experiences, with detailed transition plans for existing cardholders anticipated in coming months.
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