Gap Inc. (NYSE: GPS) today reported results for the third
quarter of fiscal year 2016. On a reported basis, Gap Inc.’s third
quarter fiscal year 2016 diluted earnings per share were $0.51. On
an adjusted basis, the company’s diluted earnings per share were
$0.60, excluding a $0.09 impact from restructuring costs related to
store closure and streamlining measures previously announced on May
19, 2016. Please see the reconciliation of adjusted diluted
earnings per share, a non-GAAP financial measure, from the GAAP
financial measure in the table at the end of this press
release.
“I’m pleased to see improved product across our brands, as well
as areas of healthier merchandise margins, even against the
backdrop of challenging traffic trends during the quarter,” said
Art Peck, chief executive officer, Gap Inc.
“As we move into the holiday season, our teams are sharply
focused on execution and delivering great experiences across the
portfolio,” Peck continued. “Looking forward, we remain dedicated
to utilizing our scale advantage in supply chain, as well as
through knowledge sharing, in order to drive product innovation
across brands and categories.”
Business Updates
- The merchandise margin rate for the
third quarter of fiscal year 2016 was up 220 basis points compared
with the same quarter last year, primarily driven by Old Navy.
- As previously reported, Gap Inc.
experienced a fire in a building located on its Fishkill, New York
distribution center campus on August 29, 2016. The company
activated contingency plans designed to help mitigate the overall
impact to the business, including leveraging its North American
network of distribution centers and ship-from-store capabilities,
as well as a temporary fulfillment site established on the Fishkill
campus.
- The company’s largest global brand, Old
Navy, delivered positive 3 percent comparable sales results during
the third quarter, building on its quarter-over-quarter improvement
in fiscal year 2016. Additionally, the brand recently announced its
holiday strategy, inclusive of its Instant Happy sweepstakes, as
well as several in-store experiences that will engage customers
throughout the season.
- The company’s namesake brand continued
on its path to transform its product-to-market processes, designed
to consistently deliver on-brand product collections. For the
2016 holiday season, Gap’s Share Your Gift campaign is engaging
customers across various platforms, including TV, digital and
social.
- The company’s Athleta brand continued
to build upon its success as a performance and lifestyle brand,
growing its footprint to 130 stores at the end of the third quarter
of fiscal year 2016. Athleta also continued to drive innovation
across its product collections with the launch of Sculptek, which
leverages new stretch fiber technology that sculpts and
supports.
Third Quarter 2016 Comparable Sales Results
Gap Inc.’s comparable sales for the third quarter of fiscal year
2016 were down 3 percent, including an estimated negative impact
from the Fishkill distribution center fire of approximately 2
percentage points, versus a 2 percent decrease last year.
Comparable sales by global brand for the third quarter were as
follows:
- Gap Global: negative 8 percent,
including an estimated negative impact from the Fishkill
distribution center fire of approximately 4 percentage points,
versus negative 4 percent last year
- Banana Republic Global: negative
8 percent, including an estimated negative impact from the Fishkill
distribution center fire of approximately 2 percentage points,
versus negative 12 percent last year
- Old Navy Global: positive 3
percent, including an estimated negative impact from the Fishkill
distribution center fire of approximately 1 percentage point,
versus positive 4 percent last year
Third Quarter 2016 Net Sales Results
For the third quarter of fiscal year 2016, Gap Inc.’s net sales
decreased 2 percent to $3.80 billion compared with $3.86 billion
for the third quarter last year.
The company noted that the translation of foreign currencies
into U.S. dollars positively impacted the company’s reported net
sales for the third quarter of fiscal year 2016 by about $17
million.
The following table details the company’s third quarter fiscal
year 2016 net sales:
($ in millions)Quarter Ended
October 29, 2016
Gap Global
Old NavyGlobal
BananaRepublicGlobal
Other (2) Total
Percentageof Net Sales
U.S. (1) $ 756 $ 1,507 $ 479 $ 172 $ 2,914
77
%
Canada 102 131 55 1 289
8
%
Europe 150 — 14 — 164
4
%
Asia 296 55 25 — 376
10
%
Other regions 36 12 7 — 55
1
%
Total $ 1,340 $ 1,705 $ 580 $ 173 $ 3,798
100
%
($ in millions)Quarter Ended
October 31, 2015
Gap Global
Old NavyGlobal
BananaRepublicGlobal
Other (2) Total
Percentageof Net Sales
U.S. (1) $ 838 $ 1,449 $ 520 $ 159 $ 2,966
77
%
Canada 94 118 56 — 268
7
%
Europe 182 — 17 — 199
5
%
Asia 300 50 26 — 376
10
%
Other regions 34 6 8 — 48
1
%
Total $ 1,448 $ 1,623 $ 627 $ 159 $ 3,857
100
%
(1) U.S. includes the United States, Puerto Rico, and Guam. (2)
Includes Athleta and Intermix.
Additional Third Quarter Results and 2016 Outlook
Earnings per Share and Operating Margin
On a reported basis, the company expects its diluted earnings
per share to be in the range of $1.41 to $1.50. The company
reaffirmed its adjusted diluted earnings per share to be in the
range of $1.87 to $1.92, excluding the negative impact of
restructuring costs, which is now expected to be approximately
$0.42 to $0.46. Please see the reconciliation of adjusted diluted
earnings per share, a non-GAAP financial measure, from the GAAP
financial measure in the table at the end of this press
release.
Excluding restructuring costs, the company continues to expect
its adjusted operating margin to be about 8.5 percent in fiscal
year 2016.
Operating Expenses
Third quarter operating expenses were $1.10 billion, including
about $35 million of restructuring costs, compared with $1.03
billion in the third quarter of last year.
Marketing expenses for the third quarter were $148 million, an
increase of $6 million when compared with the third quarter of last
year.
Effective Tax Rate
The effective tax rate was 45.2 percent for the third quarter of
fiscal year 2016. The third quarter effective tax rate reflects the
impact of certain non-cash tax expenses related to foreign
restructuring costs, which resulted in an increase to the effective
tax rate of approximately 5 percentage points.
The company continues to expect its full-year fiscal 2016
effective tax rate to be about 44 percent. Excluding the tax
impacts of the restructuring costs, the company expects its
adjusted fiscal year 2016 effective tax rate to be about 40
percent.
Inventory
Total inventory dollars were down 4 percent at the end of the
third quarter of fiscal year 2016. At the end of the fourth quarter
of fiscal year 2016, the company expects total inventory dollars to
be down in the low single digits year-over-year.
Cash and Cash Equivalents
The company ended the third quarter of fiscal year 2016 with
$1.52 billion in cash and cash equivalents. Year-to-date free cash
flow, defined as net cash provided by operating activities less
purchases of property and equipment, was an inflow of $417 million.
Please see the reconciliation of free cash flow, a non-GAAP
financial measure, from the GAAP financial measure in the tables at
the end of this press release.
Cash Distribution
The company paid a dividend of $0.23 per share during the third
quarter of fiscal year 2016. In addition, on November 10, 2016, the
company announced that its Board of Directors authorized a fourth
quarter dividend of $0.23 per share.
Capital Expenditures
Fiscal year-to-date capital expenditures were $383 million. For
fiscal year 2016, the company continues to expect capital spending
to be approximately $525 million.
Depreciation and Amortization
The company continues to expect depreciation and amortization
expense, net of amortization of lease incentives, to be about $550
million for fiscal year 2016.
Real Estate
The company ended the third quarter of fiscal year 2016 with
3,742 store locations in 50 countries, of which 3,281 were
company-operated.
During the third quarter of fiscal year 2016, the company opened
36 and closed 28 company-operated stores. Square footage of
company-operated stores was down about 2 percent compared with the
third quarter of fiscal year 2016.
Gap Inc. now expects net closures of about 65 company-operated
stores in fiscal year 2016 and a 3 percent reduction of square
footage as compared to last year.
Store count, openings, closings, and square footage for our
stores are as follows:
13 Weeks Ended October 29, 2016
Store LocationsBeginning of
Q3
Store LocationsOpened
Store LocationsClosed
Store LocationsEnd of Q3
Square Feet(millions)
Gap North America 856 6 4 858 9.0 Gap Asia 314 7 6 315 3.0 Gap
Europe 167 - 1 166 1.4 Old Navy North America 1,032 11 4 1,039 17.4
Old Navy Asia 69 1 10 60 0.9 Banana Republic North America 609 5 2
612 5.1 Banana Republic Asia 50 - 1 49 0.2 Banana Republic Europe
10 - - 10 0.1 Athleta North America 126 4 - 130 0.5 Intermix North
America 40 2 - 42 0.1 Company-operated stores total 3,273 36 28
3,281 37.7 Franchise 457 17 13 461 N/A Total 3,730 53 41 3,742 37.7
Webcast and Conference Call Information
Jack Calandra, senior vice president of Corporate Finance and
Investor Relations at Gap Inc., will host a summary of the
company’s third quarter fiscal year 2016 results during a
conference call and webcast from approximately 1:30 p.m. to 2:15
p.m. Pacific Time today. Mr. Calandra will be joined by Art Peck,
Gap Inc. chief executive officer, and Sabrina Simmons, Gap Inc.
chief financial officer.
The conference call can be accessed by calling 1-855-5000-GPS or
1-855-500-0477 (participant passcode: 5419872). International
callers may dial 913-643-0954. The webcast can be accessed
at www.gapinc.com.
November Sales
The company will report November sales at 1:15 p.m. Pacific Time
on December 1, 2016.
Forward-Looking Statements
This press release and related conference call and webcast
contain forward-looking statements within the “safe harbor”
provisions of the Private Securities Litigation Reform Act of 1995.
All statements other than those that are purely historical are
forward-looking statements. Words such as “expect,” “anticipate,”
“believe,” “estimate,” “intend,” “plan,” “project,” and similar
expressions also identify forward-looking statements.
Forward-looking statements include statements regarding the
following:
- earnings per share for fiscal year
2016;
- operating margin for fiscal year
2016;
- tax rate for fiscal year 2016;
- total inventory dollars at the end of
the fourth quarter of fiscal year 2016;
- capital expenditures for fiscal year
2016;
- depreciation and amortization expense
for fiscal year 2016;
- store closures in fiscal year
2016;
- square footage for fiscal 2016;
- impact of the fire at our at our
Fishkill distribution center; and
- impact of our restructuring costs.
Because these forward-looking statements involve risks and
uncertainties, there are important factors that could cause the
company’s actual results to differ materially from those in the
forward-looking statements. These factors include, without
limitation, the following:
- the risk that additional information
may arise during the company’s close process or as a result of
subsequent events that would require the company to make
adjustments to the financial information;
- the risk that the adoption of new
accounting pronouncements will impact future results;
- the risk that we or our franchisees
will be unsuccessful in gauging apparel trends and changing
consumer preferences;
- the risk that changes in global
economic conditions or consumer spending patterns could adversely
impact our results of operations;
- the highly competitive nature of our
business in the United States and internationally;
- the risk that if we are unable to
manage our inventory effectively, our gross margins will be
adversely affected;
- the risk that the failure to attract
and retain key personnel, or effectively manage succession, could
have an adverse impact on our results of operations;
- the risk that we are subject to data or
other security breaches that may result in increased costs,
violations of law, significant legal and financial exposure, and a
loss of confidence in our security measures, which could have an
adverse effect on our results of operations and our
reputation;
- the risks to our efforts to expand
internationally, including our ability to operate under a global
brand structure and operating in regions where we have less
experience;
- the risk that foreign currency exchange
rate fluctuations could adversely impact our financial
results;
- the risks to our business, including
our costs and supply chain, associated with global sourcing and
manufacturing;
- the risks to our reputation or
operations associated with importing merchandise from foreign
countries, including failure of our vendors to adhere to our Code
of Vendor Conduct;
- the risk that trade matters could
increase the cost or reduce the supply of apparel available to us
and adversely affect our business, financial condition, and results
of operations;
- the risk that our franchisees’
operation of franchise stores is not directly within our control
and could impair the value of our brands;
- the risk that we or our franchisees
will be unsuccessful in identifying, negotiating, and securing new
store locations and renewing, modifying, or terminating leases for
existing store locations effectively;
- the risk that our investments in
omni-channel shopping initiatives may not deliver the results we
anticipate;
- the risk that comparable sales and
margins will experience fluctuations;
- the risk that changes in our credit
profile or deterioration in market conditions may limit our access
to the capital markets and adversely impact our financial results
or our business initiatives;
- the risk that updates or changes to our
information technology systems may disrupt our operations;
- the risk that failure to maintain,
enhance and protect our brand image could have an adverse effect on
our results of operations;
- the risk that natural disasters, public
health crises, political crises, or other catastrophic events could
adversely affect our operations and financial results, or those of
our franchisees or vendors;
- the risk that changes in the regulatory
or administrative landscape could adversely affect our financial
condition, strategies, and results of operations;
- the risk that we do not repurchase some
or all of the shares we anticipate purchasing pursuant to our
repurchase program; and
- the risk that we will not be successful
in defending various proceedings, lawsuits, disputes, claims, and
audits.
Additional information regarding factors that could cause
results to differ can be found in the company’s Annual Report on
Form 10-K for the fiscal year ended January 30, 2016, as well as
the company’s subsequent filings with the Securities and Exchange
Commission.
These forward-looking statements are based on information as of
November 17, 2016. The company assumes no obligation to publicly
update or revise its forward-looking statements even if experience
or future changes make it clear that any projected results
expressed or implied therein will not be realized.
About Gap Inc.
Gap Inc. is a leading global retailer offering clothing,
accessories, and personal care products for men, women, and
children under the Gap, Banana Republic, Old Navy, Athleta, and
Intermix brands. Fiscal year 2015 net sales were $15.8 billion. Gap
Inc. products are available for purchase in more than 90 countries
worldwide through about 3,300 company-operated stores, about 450
franchise stores, and e-commerce sites. For more information,
please visit www.gapinc.com.
The Gap, Inc. CONDENSED CONSOLIDATED BALANCE
SHEETS UNAUDITED ($ in millions)
October 29,2016
October 31,2015
ASSETS Current assets: Cash and cash equivalents $ 1,522 $ 1,042
Merchandise inventory 2,398 2,498 Other current assets 751
821 Total current assets 4,671 4,361 Property and equipment,
net 2,662 2,814 Other long-term assets 674 631 Total
assets $ 8,007 $ 7,806 LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities: Current maturities of debt $ 424 $ 421
Accounts payable 1,413 1,327 Accrued expenses and other current
liabilities 1,059 997 Income taxes payable 19 23
Total current liabilities 2,915 2,768 Long-term
liabilities: Long-term debt 1,320 1,331 Lease incentives and other
long-term liabilities 1,046 1,098 Total long-term
liabilities 2,366 2,429 Total stockholders' equity
2,726 2,609 Total liabilities and stockholders'
equity $ 8,007 $ 7,806
The Gap, Inc. CONDENSED
CONSOLIDATED STATEMENTS OF INCOME UNAUDITED
13 Weeks Ended 39 Weeks Ended ($ and
shares in millions except per share amounts)
October 29,2016
October 31,2015
October 29,2016
October 31,2015
Net sales $ 3,798 $ 3,857 $ 11,087 $ 11,412 Cost of goods sold and
occupancy expenses 2,305 2,417 6,948
7,132 Gross profit 1,493 1,440 4,139 4,280 Operating expenses
1,104 1,026 3,249 3,111 Operating
income 389 414 890 1,169 Interest, net 17 18
51 38 Income before income taxes 372 396 839 1,131 Income
taxes 168 148 383 425 Net income $ 204
$ 248 $ 456 $ 706 Weighted-average number of shares - basic
399 406 398 415 Weighted-average number of shares - diluted 400 408
400 417 Earnings per share - basic $ 0.51 $ 0.61 $ 1.15 $
1.70 Earnings per share - diluted $ 0.51 $ 0.61 $ 1.14 $ 1.69
The Gap, Inc. CONDENSED CONSOLIDATED STATEMENTS OF
CASH FLOWS UNAUDITED 39 Weeks Ended
($ in millions)
October 29,2016
October 31,2015
Cash flows from operating activities: Net income $ 456 $ 706
Depreciation and amortization (a) 402 390 Change in merchandise
inventory (513 ) (615 ) Other, net 455 253
Net cash provided by operating activities 800
734 Cash flows from investing activities:
Purchases of property and equipment (383 ) (505 ) Other (1 )
(4 ) Net cash used for investing activities (384 )
(509 ) Cash flows from financing activities: Proceeds
from issuance of short-term debt - 400 Proceeds from issuances
under share-based compensation plans 25 60 Withholding tax payments
related to vesting of stock units (18 ) (68 ) Repurchases of common
stock - (822 ) Excess tax benefit from exercise of stock options
and vesting of stock units 1 24 Cash dividends paid (275 ) (285 )
Other - (1 ) Net cash used for financing
activities (267 ) (692 ) Effect of foreign
exchange rate fluctuations on cash and cash equivalents 3
(6 ) Net increase (decrease) in cash and cash
equivalents 152 (473 ) Cash and cash equivalents at beginning of
period 1,370 1,515 Cash and cash
equivalents at end of period $ 1,522 $ 1,042
(a) Depreciation and amortization is net of amortization of lease
incentives.
The Gap, Inc.NON-GAAP FINANCIAL
MEASURESUNAUDITED
FREE CASH FLOW
Free cash flow is a non-GAAP financial measure. We believe free
cash flow is an important metric because it represents a measure of
how much cash a company has available for discretionary and
non-discretionary items after the deduction of capital
expenditures, as we require regular capital expenditures to build
and maintain stores and purchase new equipment to improve our
business. We use this metric internally, as we believe our
sustained ability to generate free cash flow is an important driver
of value creation. However, this non-GAAP financial measure is not
intended to supersede or replace our GAAP results.
39 Weeks Ended ($ in millions)
October 29,2016
October 31,2015
Net cash provided by operating activities $ 800 $ 734 Less:
Purchases of property and equipment (383 ) (505 )
Free cash flow $ 417 $ 229
The Gap, Inc.NON-GAAP FINANCIAL
MEASURESUNAUDITED
ADJUSTED OPERATING EXPENSES
The following adjusted operating expenses are non-GAAP financial
measures. These measures are provided to enhance visibility into
the company's underlying results for the period excluding the
impact of costs related to fiscal year 2016 restructuring
activities and fiscal year 2015 strategic actions. However, these
non-GAAP financial measures are not intended to supersede or
replace the GAAP measures.
($ in millions) 13 Weeks Ended October 29,
2016
OperatingExpenses
OperatingExpenses as a
%of Net Sales
Operating expenses, as reported $ 1,104 29.1 % Adjustments for
impact of fiscal year 2016 restructuring costs (a) (36 )
(1.0 )% Adjusted operating expenses $ 1,068 28.1 %
($ in millions) 13 Weeks Ended October 31,
2015
OperatingExpenses
OperatingExpenses as a
%of Net Sales
Operating expenses, as reported $ 1,026 26.6 % Adjustments for
impact of fiscal year 2015 strategic actions (b) (7 ) (0.2
)% Adjusted operating expenses $ 1,019 26.4 %
_______________________________
(a) Represents the restructuring costs recorded in operating
expenses related to fiscal year 2016 store closures and
streamlining the company's operations incurred in the third quarter
of fiscal year 2016 and impact on percentage of net sales. The
costs primarily include lease termination fees, store asset
impairments, and employee related costs. (b) Represents the
costs recorded in operating expenses associated with the fiscal
year 2015 strategic actions primarily related to Gap brand incurred
in the third quarter of fiscal year 2015 and impact on percentage
of net sales. The costs primarily include lease termination fees,
store asset impairments, and employee related costs.
The Gap, Inc.NON-GAAP FINANCIAL
MEASURESUNAUDITED
ADJUSTED NET INCOME FOR THE THIRD QUARTER OF FISCAL YEARS
2016 AND 2015
Adjusted net income is a non-GAAP financial measure. Adjusted
net income for the third quarter of fiscal years 2016 and 2015 is
provided to enhance visibility into the company's underlying
results for the period excluding the impact of costs related to
fiscal year 2016 restructuring activities and fiscal year 2015
strategic actions. However, this non-GAAP financial measure is not
intended to supersede or replace the GAAP measure.
13 Weeks Ended ($ in millions)
October 29,2016
October 31,2015
Net income, as reported $ 204 $ 248 Add: Fiscal year 2016
restructuring costs (a) 29 - Add: Fiscal year 2015 strategic
actions (b) - 13 Less: Tax benefit (c) (12 ) (5 ) Add: Incremental
tax expenses related to fiscal year 2016 restructuring costs (d)
17 - Adjusted net income $ 238 $
256
_______________________________
(a) Represents the restructuring costs incurred related to fiscal
year 2016 store closures and streamlining the company's operations,
and primarily include lease termination fees, store asset
impairments, and employee related costs. $36 million was recorded
in operating expenses and $7 million of credit, net, was recorded
in cost of goods sold and occupancy expenses. (b) Represents
the costs associated with the fiscal year 2015 strategic actions
primarily related to Gap brand, and primarily include inventory
impairment, lease termination fees, store asset impairments, and
employee related costs. $7 million was recorded in operating
expenses and $6 million was recorded in cost of goods sold and
occupancy expenses. (c) The amount of tax benefit associated
with the fiscal year 2016 restructuring costs is calculated using
the adjusted effective tax rate. The amount of tax benefit
associated with the fiscal year 2015 strategic actions is
calculated using the reported effective tax rate. (d)
Represents the incremental tax expenses related to fiscal year 2016
restructuring costs.
The Gap, Inc.NON-GAAP FINANCIAL
MEASURESUNAUDITED
ADJUSTED EARNINGS PER SHARE FOR THE THIRD QUARTER OF FISCAL
YEARS 2016 AND 2015
Adjusted diluted earnings per share is a non-GAAP financial
measure. Adjusted diluted earnings per share for the third quarter
of fiscal years 2016 and 2015 are provided to enhance visibility
into the company's underlying results for the period excluding the
impact of costs related to fiscal year 2016 restructuring
activities and fiscal year 2015 strategic actions, as well as the
impact from foreign currency exchange rate fluctuations. We believe
this measure provides a more comparable measure of year-over-year
earnings per share growth. However, this non-GAAP financial measure
is not intended to supersede or replace the GAAP measure.
13 Weeks Ended
October 29,2016
October 31,2015
Earnings per share - diluted $ 0.51 $ 0.61 Add: Impact of fiscal
year 2016 restructuring costs (a) 0.04 - Add: Impact of incremental
tax expenses related to fiscal year 2016 restructuring costs (b)
0.05 - Add: Impact of fiscal year 2015 strategic actions (c)
- 0.02 Diluted earnings per share adjusted for
certain costs 0.60 $ 0.63 Add: Estimated impact from foreign
exchange (d) 0.03 Diluted earnings per share adjusted
for certain costs and foreign exchange $ 0.63
Earnings per share decline adjusted for certain costs (5 )%
Earnings per share growth adjusted for certain costs and
foreign exchange 0 %
_______________________________
(a) Represents the earnings per share impact of restructuring costs
incurred related to fiscal year 2016 store closures and
streamlining the company's operations, calculated net of tax at
adjusted effective tax rate. The costs primarily include lease
termination fees, store asset impairments, and employee related
costs. (b) Represents the earnings per share impact of
incremental tax expenses related to fiscal year 2016 restructuring
costs. (c) Represents the earnings per share impact of costs
associated with the fiscal year 2015 strategic actions primarily
related to Gap brand, calculated net of tax at reported effective
tax rate. The costs primarily include inventory impairment, lease
termination fees, store asset impairments, and employee related
costs. (d) In estimating the earnings per share impact from
foreign currency exchange rate fluctuations, the company estimates
current gross margins using the appropriate prior year rates
(including the impact of merchandise-related hedges), translates
current period adjusted foreign earnings at prior year rates, and
excludes the year-over-year earnings impact of balance sheet
remeasurement and gains or losses from non-merchandise-related
foreign currency hedges.
The Gap, Inc.NON-GAAP FINANCIAL
MEASURESUNAUDITED
EXPECTED ADJUSTED EARNINGS PER SHARE FOR FISCAL YEAR
2016
Expected adjusted diluted earnings per share is a non-GAAP
financial measure. Expected adjusted diluted earnings per share for
fiscal year 2016 is provided to enhance visibility into the
company's expected underlying results for the period excluding the
impact of restructuring costs. However, this non-GAAP financial
measure is not intended to supersede or replace the GAAP
measure.
52 Weeks EndingJanuary 28,
2017
Low End High End Expected earnings per share -
diluted $ 1.41 $ 1.50 Add: Estimated impact of restructuring costs
(a) 0.46 0.42 Expected adjusted earnings per share -
diluted $ 1.87 $ 1.92 _______________________________ (a)
Represents the estimated earnings per share impact of restructuring
costs related to fiscal year 2016 store closures, streamlining the
company's operations, and certain incremental tax expenses.
View source
version on businesswire.com: http://www.businesswire.com/news/home/20161117006240/en/
Gap Inc.Investor Relations Contact:Tina Romani,
415-427-5264Investor_relations@gap.comorMedia Relations
Contact:Jennifer Poppers, 415-427-1729Press@gap.com
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