The Gap, Inc. (NYSE:GPS) Q3 2019 Earnings Conference Call - Final Transcript

Nov 21, 2019 • 05:00 pm ET

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The Gap, Inc. (NYSE:GPS) Q3 2019 Earnings Conference Call - Final Transcript

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Presentation
Operator
Operator

Good afternoon, ladies and gentlemen. My name is Justin and I'll be your conference operator today. At this time, I'd like to welcome everyone to the Gap Inc. Third Quarter 2019 Conference Call. At this time, all participants are in a listen-only mode. [Operator Instructions]

I would now like to introduce your host, Ms. Tina Romani, Senior Director of Investor Relations.

Executive
Tina Romani

Good afternoon, everyone. Welcome to Gap Inc. third quarter 2019 earnings conference call. Before we begin, I'd like to remind you that the information made available on this webcast and conference call contains forward-looking statements. For information on factors that could cause our actual results to differ materially from the forward-looking statements as well as the description and reconciliation of non-GAAP financial measures as noted on Page 2 of the slide, supplementing Teri's remarks, please refer to today's earnings press release, as well as our most recent Annual Report on Form 10-K, and our subsequent filings with the SEC, all of which are available on gapinc.com.

These forward-looking statements are based on information as of November 21, 2019 and we assume no obligation to publicly update or revise our forward-looking statements. Joining me on the call today, our Interim President and CEO, Robert J. Fisher and Executive Vice President and CFO, Teri List-Stoll. As mentioned, we will be using slides to supplement our remarks, which you can view by going to the Investors section of gapinc.com.

With that, I'd like to turn the call over to Bob.

Executive
Robert J. Fisher

Thank you, Tina. Good afternoon, everyone. It's a pleasure to speak with you all. It's been a while for me. I want to provide some very brief remarks before turning it over to Teri to cover third quarter results and expectations handing into -- heading into fourth quarter. First, this is a pivotal time for the Company and taking on the role as Interim President and CEO of Gap Inc. is incredibly important to me. Over the past 35 plus years in various roles here, from merchandising and general management to Chairman of the Board, I have gained a deep understanding of our Company operations and the retail space. I am deeply and personally committed to the success of the Company and I am approaching the role with both a clear view of where we are and urgency about where we need to go.

While I am confident about our future, I'm also realistic about the challenges ahead. Clearly, our brands are underperforming today and have been pressured by uneven execution. The diverging priorities of our two largest brands, coupled with the overall complexity that has been building up in the organization over time has led to a lack of focus, operational discipline and efficiency in many areas. To ensure we are appropriately assessing the business, making the difficult decisions and taking the necessary action to improve our operational execution, I'm constituting an executive committee that will streamline operating decisions and drive better accountability during this interim period. Sonia Syngal and Mark Breitbard