Earnings Call Excerpt
Gap Inc. (GPS)
Q4 2005 Earnings Conference Call
February 23rd 2006, 5:00 PM.
Executives:
Sabrina Simmons, Senior Vice President, Treasury and Investor Relations
Byron Pollitt, Chief Financial Officer
Paul Pressler, Chief Executive Officer
Jenny Ming, President, Old Navy
Cynthia Harriss, President, Gap Brand
Analysts:
Donald Trott, Jefferies & Company.
Dana Telsey, Telsey Advisory Group
Dorothy Lakner, CIBC World Markets.
Gabrielle Kivitz, Deutsche Bank.
Barbara Wyckoff, Buckingham Research
John Morris, Harris Nesbitt.
Kimberly Greenberger, Citigroup.
Mark Friedman, Merrill Lynch
Brian Tunick, J.P. Morgan
Stacy Pak, Prudential.
Lauren Levitan, Cowen & Company.
Janet Kloppenburg, JJK Research.
Margaret Mager, Goldman Sachs.
Presentation
Operator
Good afternoon ladies and gentlemen, and welcome to Gap Inc.'s Fourth Quarter Conference Call. At this time all participants are in a listen-only mode. If anyone should require assistance during the call, please press "*" followed by "0" on your touchtone phone. The conference call and webcast are being simultaneously recorded on behalf of Gap Inc., and consist of copyrighted material. They may not be recorded, reproduced, re-transmitted, rebroadcast or downloaded without Gap Inc.’s expressed written permission. Your participation represents your consents to these terms and conditions, which are governed under California law.
Your participation on the call also constitutes your consent to having any comments or statements you make, appear on any transcript or broadcast of this call. If you have any questions regarding this policy, please contact Gap Inc. Investor Relations at 415-427-2175. I would now like to introduce your host Sabrina Simons, Senior Vice President, Treasury and Investor Relations. Please go ahead Ma'am.
Sabrina Simmons, Senior Vice President, Treasury and Investor Relations
Good afternoon everyone. I’d like to welcome you to Gap Inc.’s fourth quarter 2005 earnings conference call. For those of you participating in the webcast please turn to slide 2. I’d like to remind you that the information made available on this webcast and conference call contains forward-looking statements including but not limited to forecast relating to earnings per share, comparable store sales, incremental stock option expense, free cash flow, share repurchases, dividend amounts and timing, operating margin, inventory per square foot, gross interest expense, depreciation and amortization, capital expenditure, effective tax rate, store openings and closings, real estate square footage as well as other statements that express our expectations, anticipations, believes, estimates, intentions, plans and forecast. 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. Information regarding factors that could cause results to differ can be found in our annual report on Form 10-K for the fiscal year ended January 29th, 2005. Investors should consult our quarterly report on Form 10-Q for the quarter-ended October 29th 2005 and today’s press release.
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