UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of The Securities Exchange Act of 1934
Date of Report
(Date of
earliest event reported)
March 2, 2006
THE GAP, INC.
(Exact name of registrant as specified in its charter)
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| Delaware |
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1-7562 |
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94-1697231 |
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(Commission File Number) |
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(IRS Employer Identification No.) |
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Two Folsom Street
San Francisco, California |
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94105 |
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(Zip Code) |
(650) 952-4400
(Registrant’s telephone number, including area code)
N/A
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
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Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
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Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
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Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
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Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
| Item 7.01. |
Regulation FD Disclosure |
On March 2, 2006,
The Gap, Inc. (the “Company”) issued a press release announcing the Company’s sales for the fiscal month ended February 25, 2006. A copy of this press release is attached hereto as Exhibit 99.1.
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Financial Statements and Exhibits |
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| 99.1 |
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Press Release dated March 2, 2006 |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
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THE GAP, INC. (Registrant) |
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| Date: March 2, 2006 |
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By: |
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/s/ Byron H. Pollitt, Jr. |
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Byron H. Pollitt, Jr. Executive Vice President and
Chief Financial Officer |
EXHIBIT INDEX
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| Exhibit Number |
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Description |
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| 99.1 |
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Press Release dated March 2, 2006 |
Exhibit 99.1
GAP INC. REPORTS FEBRUARY SALES DOWN 6 PERCENT;
COMPARABLE STORE SALES DOWN 11 PERCENT
SAN FRANCISCO – March 2, 2006 – Gap Inc. (NYSE: GPS) today reported net sales of $865 million for the four-week period ended
February 25, 2006, which represents a 6 percent decrease compared with net sales of $922 million for the same period ended February 26, 2005. The company’s comparable store sales for February 2006 decreased 11 percent compared with a
3 percent decrease in February 2005.
Comparable store sales by division for February 2006 were as follows:
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Gap North America: negative 7 percent versus negative 2 percent last year |
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Banana Republic North America: negative 11 percent versus negative 6 percent last year |
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Old Navy North America: negative 14 percent versus negative 1 percent last year |
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Gap International: negative 14 percent versus negative 8 percent last year |
“In February, traffic worsened versus fourth quarter trends, which caused lower unit sales velocity. This led to significantly lower merchandise margins,” said Sabrina Simmons, Senior Vice President, Treasury and Investor
Relations. “Looking ahead, we are focused on driving traffic with improved
product and new marketing campaigns that begin this week.”
As of
February 25, 2006, Gap Inc. operated 3,053 store locations compared with 3,001 store locations last year.
For more detailed information, please call
1-800-GAP-NEWS to listen to Gap Inc.’s monthly sales recording. International callers may call 706-634-4421.
March Sales
The company will report March sales on April 6, 2006.
Forward-Looking Statements
This press release and related recording contain forward-looking statements within the safe harbor provisions of
the Private Securities Litigation Reform Act of 1995. All statements other than those that are purely historical are forward-looking statements. Words such as “expect,” “anticipate,” “believe,” “estimate,”
“intend,” “plan,” and similar expressions also identify forward-looking statements. Forward-looking statements include statements regarding inventory per square foot for the first quarter of fiscal year 2006.
Because these forward-looking statements involve risks and uncertainties, there are important factors that could cause the company’s actual results to differ
materially from those in the forward-looking statements. These factors include, without limitation, the following: the risk that the company will be unsuccessful in gauging fashion trends and changing consumer preferences; the highly competitive
nature of the company’s business in the U.S. and internationally and its dependence on consumer spending patterns, which are influenced by numerous other factors; the risk that comparable store sales and margins will experience fluctuations;
the risk that the company will be unsuccessful in implementing its strategic and operating initiatives; and the risk that trade matters, events causing disruptions in product shipments from China and other foreign countries, or IT systems changes
may disrupt the company’s supply chain or operations. Additional information regarding factors that could cause results to differ can be found in the company’s Annual Report on Form 10-K for the fiscal year ended January 29, 2005.
Readers
should also consult the company’s Quarterly Report on Form 10-Q for the quarter ended October 29, 2005.
These forward-looking statements are based on information as of March 2, 2006, and the company assumes no obligation to publicly update or revise its
forward-looking statements even if experience or future changes make it clear that any projected results expressed or implied therein will not be realized.
Gap Inc. Copyright Information
All recordings made on 800-GAP-NEWS have been recorded on behalf of Gap Inc. and consist of copyrighted
material. They may not be re-recorded, reproduced, retransmitted or rebroadcast without Gap Inc.’s express written permission. Your participation represents your consent to these terms and conditions, which are governed under California law.
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| Investor Relations: |
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Media Relations: |
| Mark Webb |
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Kris Marubio |
| 415-427-2161 |
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415-427-1798 |
