GAP集团Gap Inc. (GPS) 2009年年度报告「NYSE」.pdf

1、Connecting with our customers2009 Annual ReportWear your passion.2009 Annual Report100285_L01_cvrs.indd 13/24/10 7:38:06 PM“If there is one secret of success for our company,it is always to focus on the customer.”Don Fisher,Co-founder 1928 2009 Dear Shareholders,In 2009,our company turned a corner d

2、elivering double-digit earnings per share increases for the third year in a row and securing a foundation for growth.It wasnt easy.Because of the economic climate,customers ap-proached their buying decisions with more caution and we had to compete that much harder across our portfolio of brands.To h

3、elp us succeed,we renewed our long-standing commitment of connecting with our customersa passion that started with our founders,Doris and Don Fisher.For me and our employees,2009 was a bittersweet year.Our com-pany turned around just as we lost Don.He passed away in September,a month after we celebr

4、ated our 40th anniversary.I had a chance to visit Don just a few weeks before he died.He was incredibly proud because he felt that,as a company,we had our confidence back.And he was right yet againI know our employees are determined to win.Delivering resultsOur formula of focusing on cost management

5、,healthy merchandise margins and strong cash generation continued to serve us well.In 2009,we increased our earnings-per-share 18 percent.We ended the year with$2.3 billion of cash on the balance sheet and no debt.In 2010,were continuing our practice of returning cash to share-holders,increasing our

6、 planned dividend 18 percent and authorizing a new$1 billion share repurchase program.About this reportThe Gap Inc.2009 Annual Report was printed by an environ-mentally sustainable printer,which utilizes 100 percent renewable wind power and sustainable manufacturing principles including:socially res