This excerpt taken from the GPS 8-K filed Oct 16, 2009.
GAP INC. UPDATES INVESTORS ON STRATEGIES TO REGAIN MARKET SHARE AND EXPAND INTERNATIONALLY
NEW YORK October 15, 2009 Determined to build upon the success of its Old Navy brand this year, Gap Inc. (NYSE: GPS) today will present investors with an update on its strategies to regain market share and invest further in its online and international businesses.
Among specific announcements, Gap brand will return to television advertising in November, following a two-year absence. The company will also continue to invest internationally, including: opening its first Gap store in China in 2010; expanding its Outlet store presence internationally; and launching online businesses in Canada and the United Kingdom in 2010.
Old Navys performance this year has shown what we can deliver through consistent products, re-invigorated marketing, and an enhanced store environment, said Glenn Murphy, chairman and CEO of Gap Inc. With our improved economic model, were ready to step up our investments and strategies to regain market share and expand our international platform.
We are positioned well due to our focus over the last two years on delivering healthy merchandise margins, maintaining costs, generating strong free cash flow and improving our return on invested capital, said Sabrina Simmons, the companys chief financial officer. Well bring this same financial rigor to managing the next phase of our strategy to improve our results going forward.
In addition to Murphy and Simmons, todays investor meeting at the companys New York office will include the presidents of Gap, Banana Republic and Old Navy, as well as the leader of the companys online business. Highlights of the business updates follow: