Banana Republic 2014 Annual Report Download - page 2

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Dear Shareholders,
It’s an honor to write this letter as the CEO of Gap Inc., and a privilege to be chosen to lead this great company.
I want to express my gratitude to the Board, the Fisher Family, and Glenn Murphy, who has been a role model to me as we’ve
worked side by side over the past seven years. Glenn’s tireless efforts have made a tremendous impact on the company and
I want to thank him for everything he did to ensure a smooth leadership transition.
Together, with our team of more than 140,000 employees around the world, we’re focused on four key priorities for 2015 and
beyond: Global Growth, Product, Experience, and Talent.
Let me start with growth. Around the world, we continued to make progress with our long-term global growth strategy in
2014, adding almost 40 new stores in greater China, including seven Old Navy stores and Gap’s 100th store in this region.
In the U.S., Athleta grew its footprint to just over 100 stores, with plans to open 20 more this coming year. It’s my intent to
pursue growth, where appropriate, through all of our brands, but most importantly, through Old Navy’s ongoing expansion.
When it comes to product, as our performance in 2014 indicated, we have work to do. Our focus is to put on-trend, on-brand,
quality product in our stores, season after season, in every one of our brands.
Old Navy is our proof positive that we know how to get product right. The brand delivered positive comparable sales results
during each quarter in 2014, including an 11 percent increase during the fourth quarter. This performance is the direct result
of the team coming together with a clear focus and mission: to get better and more consistent at product with each season,
while aggressively leveraging our supply chain initiatives.