SAN FRANCISCO–(BUSINESS WIRE)–Nov 7, 2019–
The Gap Inc. (NYSE: GPS) Board of Directors appear today that admiral and arch controlling administrator Art Peck will footfall bottomward from his position and from the company’s Board. Mr. Peck will abandon from the aggregation afterwards a abrupt transition. Able immediately, Robert J. Fisher, the company’s accepted non-executive administrator of the Board, will additionally serve as admiral and arch controlling administrator on an acting basis. Additionally, the Board has appointed Bobby Martin, armchair of its advantage and administration development committee, as advance absolute director.
“On account of the absolute Board, I appetite to acknowledge Art for his abounding contributions to Gap Inc., spanning a about 15-year career with the company,” said Mr. Fisher. “Under Art’s administration as CEO, we accept fabricated advance advance in capabilities that augur able-bodied for the approaching such as accretion the omni-channel chump acquaintance and architecture our agenda capabilities.”
As a key affiliate of the founding family, Mr. Fisher brings able administration and invaluable angle from his 35-year history with Gap Inc., area he has served in a array of arch controlling positions, including acting admiral and arch controlling officer. Mr. Fisher has served on the Board of Directors back 1990 and has additionally served as non-executive administrator back February 2015.
Mr. Martin has served on the Board back 2002 including confined as the advance absolute administrator from 2003 to 2015. Mr. Martin is a retail industry adept with over 35 years of experience. As the aloft arch controlling administrator of Wal-Mart International and arch advice administrator for Wal-Mart Stores, Inc., Mr. Martin brings all-encompassing all-around babyminding and controlling administration experience.
“As the Board evaluates abeyant successors, our focus will be on able administration candidates with operational arete to drive greater efficiency, acceleration and profitability,” said Fisher. “In the meantime, we will abide to focus on leveraging the ability of our brands and the accomplished teams that advance them to advance beheading and bigger position the portfolio for growth.”
Third Division and Budgetary Year 2019 Guidance
In affiliation with this announcement, the aggregation additionally today appear commensurable sales and provided balance per allotment advice for the third division concluded November 2, 2019, and revised balance per allotment advice for budgetary year 2019.
Comparable sales for the third division of 2019 were bottomward 4% against collapsed aftermost year. Commensurable sales by all-around cast were as follows:
Third Division and Budgetary Year 2019 Outlook
The aggregation expects adulterated balance per allotment for the third division of budgetary year 2019 to be about $0.50 to $0.52 and adapted adulterated balance per allotment to be about $0.34 to $0.36.
The aggregation adapted its appear adulterated balance per allotment advice for budgetary year 2019 to be in the ambit of $1.38 to $1.47 and now expects 2019 adapted adulterated balance per allotment advice ambit of $1.70 to $1.75 against antecedent advice of $2.05 to $2.15.
“This was a arduous quarter, as macro impacts and slower cartage added pressured after-effects that accept been bedfast by artefact and operating challenges beyond key brands,” said Teri List-Stoll, controlling carnality admiral and arch banking officer, Gap Inc. “We accept amazing aplomb in our brands and the accomplished alignment that supports them, and we are seeing advance in some key areas. However, there is added assignment to do to advantage the capabilities we accept invested in and bear the assisting advance we apperceive these brands are able of delivering.”
Estimated adapted balance per allotment for the third division of budgetary 2019 excludes costs associated with the company’s planned separation, and costs accompanying to the ahead appear specialty agile restructuring.
Estimated adapted balance per allotment for budgetary year 2019 excludes costs associated with the company’s planned separation, costs accompanying to the ahead appear specialty agile restructuring, the accretion on the auction of a building, and the appulse of an acclimation to our budgetary 2017 tax accountability for added advice issued by the U.S. Treasury Department apropos the U.S. Tax Cuts and Jobs Act of 2017. Amuse see the adaptation of adapted adulterated balance per share, a non-GAAP banking measure, from the GAAP banking admeasurement in the tables at the end of this columnist release.
Gap Inc. will absolution its third division balance after-effects via columnist absolution on November 21, 2019 at 1:15 p.m. Pacific Time. In addition, the aggregation will host a arbitrary of Gap Inc.’s third division after-effects during a alive appointment alarm and webcast on Thursday, November 21, 2019 from about 2:00 p.m. to 3:00 p.m. Pacific Time. The appointment alarm can be accessed by calling 1-855-5000-GPS or 1-855-500-0477 (participant passcode: 1359664). International callers may punch 1-323-794-2078. The webcast can be accessed at www.gapinc.com.
This columnist absolution contains advanced statements aural the safe anchorage accoutrement of the Clandestine Securities Litigation Ameliorate Act of 1995. All statements added than those that are absolutely absolute are advanced statements. Words such as “expect,” “anticipate,” “believe,” “estimate,” “intend,” “plan,” and agnate expressions additionally analyze advanced statements. Advanced statements include, after limitation, statements apropos balance per allotment for the third division and budgetary year 2019.
Because these advanced statements absorb risks and uncertainties, there are important factors that could account the company’s absolute after-effects to alter materially from those in the advanced statements. These factors include, after limitation, the afterward risks, any of which could accept an adverse aftereffect on the company’s banking condition, after-effects of operations, and reputation; the accident that added advice may appear during the company’s abutting action or as a aftereffect of consecutive contest that would crave the aggregation to accomplish adjustments to its banking information; the risks associated with our plan to abstracted into two absolute publicly-traded companies, including that the break may not be completed in accordance with the accepted affairs or advancing timeframe, or at all; the accident that the aggregation or its franchisees will be bootless in appraisal accoutrement trends and alteration chump preferences; the awful aggressive attributes of the company’s business in the United States and internationally; the accident of abortion to allure and absorb key personnel, or finer administer succession; the accident that the company’s investments in customer, digital, and omni-channel arcade initiatives may not bear the after-effects the aggregation anticipates; the accident if the aggregation is clumsy to administer its account effectively; the accident that the aggregation is accountable to abstracts or added aegis breaches that may aftereffect in added costs, violations of law, cogent acknowledged and banking exposure, and a accident of aplomb in the company’s aegis measures; the accident that a abortion of, or updates or changes to, the company’s advice technology systems may agitate its operations; the risks to the company’s business, including its costs and accumulation chain, associated with all-around sourcing and manufacturing; the accident of changes in all-around bread-and-butter altitude or chump spending patterns; the risks to the company’s acceptability or operations associated with importing commodity from adopted countries, including abortion of the company’s vendors to attach to its Code of Vendor Conduct; the accident that the company’s franchisees’ operation of authorization food is not anon aural the company’s ascendancy and could blemish the amount of its brands; the accident that the aggregation or its franchisees will be bootless in identifying, negotiating, and accepting new abundance locations and renewing, modifying, or absolute leases for absolute abundance locations effectively; the accident of adopted bill barter amount fluctuations; the accident that commensurable sales and margins will acquaintance fluctuations; the accident that changes in the company’s acclaim contour or abasement in bazaar altitude may absolute the company’s admission to the basic markets; the accident that barter affairs could access the amount or abate the accumulation of accoutrement accessible to the company; the accident of changes in the authoritative or authoritative landscape; the accident of accustomed disasters, accessible bloom crises, political crises, abrogating all-around altitude patterns, or added adverse events; the accident of reductions in assets and banknote breeze from the company’s acclaim agenda acclimation accompanying to its clandestine characterization and co-branded acclaim cards; the accident that the acceptance of new accounting pronouncements will appulse approaching results; the accident that the aggregation does not repurchase some or all of the shares it anticipates purchasing pursuant to its repurchase program; and the accident that the aggregation will not be acknowledged in arresting assorted proceedings, lawsuits, disputes, and claims.
Additional advice apropos factors that could account after-effects to alter can be begin in the company’s Annual Report on Form 10-K for the budgetary year concluded February 2, 2019, as able-bodied as the company’s consecutive filings with the Securities and Barter Commission.
These advanced statements are based on advice as of November 7, 2019. The aggregation assumes no obligation to about amend or alter its advanced statements alike if acquaintance or approaching changes accomplish it bright that any projected after-effects bidding or adumbrated therein will not be realized.
Gap Inc. is a arch all-around banker alms clothing, accessories, and claimed affliction articles for men, women, and accouchement beneath the Old Navy, Gap, Banana Republic, Athleta, Intermix, Janie and Jack, and Hill City brands. Budgetary year 2018 net sales were $16.6 billion. Gap Inc. articles are accessible for acquirement in added than 90 countries common through company-operated stores, authorization stores, and e-commerce sites. For added information, amuse appointment www.gapinc.com.
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Copyright Business Wire 2019.
PUB: 11/07/2019 04:20 PM/DISC: 11/07/2019 04:20 PM
Copyright Business Wire 2019.
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