GAP WITHDRAWS FROM GERMANY
SAN FRANCISCO - 02/16/04 - Trendy mass market retailer Gap Inc.has reached an agreement with Swedish-based retailer H&M to sell its German operations, effective August 1.
 The company said the decision to exit its wholly owned operations in Germany - the company's smallest overseas market with only 10 store locations generating well under 1% of total company sales - is part of a strategic move to focus resources on stronger international growth opportunities.
The company said it will retain all its brand trademark rights in Germany, with H&M assuming responsibility for all operations and employing all staff working in the business as of the effective date.
While financial terms of the sale were not disclosed, the company said it expects to take a charge of about $0.01 per share, in the fourth quarter, which ended January 31. Fiscal 2003 sales amounted to $15.9 billion.
Leading that effort will be Andrew Rolfe, former Chairman and CEO of London-based food retailer Pret A Manger.
Rolfe was named President of Gap's International Division last November overseeing international store operations and the development and execution of international growth strategies.
Besides Germany, the company currently has more than 350 store locations in four countries outside of the US - the United Kingdom, France, Canada, and Japan. The company has approximately 2,700 Gap, Old Navy and Banana Republic store locations in the US.
The Gap Inc. opened its first international store location in London in 1987 and expanded into other international markets, including Germany, in the 1990s.
Through the third quarter, ending November 1, 2003, year-to-date sales for the International division were $1.4 billion; total company sales were $11 billion for the same period.
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