SAN FRANCISCO—Gap Inc., which recently posted its third consecutive quarter of positive same-store sales results, unveiled a strategy for “balanced growth” Wednesday. The apparel retailer, which presented Wednesday at Goldman Sachs' 24th Annual Global Retailing Conference, plans to expand its brick-and-mortar footprint in its most profitable brands, close underperforming stores and grow its online and mobile channels.

“Over the past two years, we've made significant progress evolving how we operate, starting with getting great product into the hands of our customers, more consistently and faster than ever before,” says president and CEO Art Peck. “With much of this foundation in place, we're now shifting our focus to growth. We will leverage our iconic brands and significant scale to deliver growth by shifting to where our customers are shopping: online, value and active.”

Across all channels, Gap sees its Old Navy and Athleta flags as its growth brands, with projected net sales of $10 billion and $1 billion, respectively, within the next few years. With that in mind, over the next three years the company expects to add about 270 Old Navy, Athleta and value-priced stores and close 200 underperforming Gap and Banana Republic locations.