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"We were not happy with 2011," Gap chairman and CEO Glenn Murphy put it bluntly at the annual shareholders meeting in San Francisco on Tuesday. Gap Inc., which owns Gap, Banana Republic, Piperlime, Old Navy, and Athleta, has been facing dipping profits over the past several years, and 2011 continued the trend: The company reported that their net income fell 17%. So how's he going to turn it around? Murphy said Gap Inc. plans to invest in domestic business in 2012, focusing on key areas “where we know we can win, where we can really dominate and beat the competition.” Hopefully, this means there will be more great Gap basics and less $200 leather mini skirts in our future.
· Gap Puts Focus on North America [WWD]
· Gap Cleans Up Its Image (Literally) [Racked]
· Piperlime Will Open Brick and Mortar Store [Racked]