Gap Inc. (NYSE: GPS), a portfolio of purpose-led, billion-dollar
lifestyle brands including Old Navy, Gap, Banana Republic, and
Athleta, and the largest specialty apparel company in the U.S.,
today reported fiscal 2022 financial results for its first quarter
ended April 30, 2022.
“Our Q1 results and updated fiscal 2022 outlook primarily
reflect industry-wide headwinds as well as challenges at Old Navy
that are impacting our near-term performance. While we are
disappointed to deliver results below expectations, we are
confident in our ability to navigate the headwinds and re-stabilize
the Old Navy business in order to deliver continued progress on our
long-term strategy,” said Sonia Syngal, CEO, Gap Inc. “We believe
that we can navigate this period of acute disruption and build an
even more resilient and agile company. We remain anchored by our
belief in our iconic purpose-led brands – Old Navy, Gap, Banana
Republic, and Athleta – and are focused on making continued
progress against our Power Plan strategy and getting back on track
toward delivering growth, margin expansion, and value for our
shareholders over the long term.”
First Quarter Fiscal 2022 - Financial
Results
- Net sales of $3.5 billion, down 13% compared to last year.
- Net sales growth in the first quarter fiscal 2022 was
negatively impacted by an estimated 5 percentage points related to
lapping the benefit of stimulus last year and approximately 3
percentage points from divestitures, store closures, and the
transition of the company’s European business to a partnership
model.
- Comparable sales were down 14% year-over-year.
- Online sales declined 17% compared to last year and represented
39% of total net sales.
- Store sales declined 10% compared to last year. The company
ended the quarter with 3,414 store locations in over 40 countries,
of which 2,825 were company operated.
- Gross margin was 31.5%, 930 basis points lower than last
year.
- Merchandise margins were down 760 basis points versus last year
and included approximately $170 million, or 480 basis points, of
incremental transitory air freight costs. Higher discounting at Old
Navy and inflationary commodity price increases partially offset by
the benefit of lower discounting at Banana Republic drove the
remaining decline of approximately 280 basis points.
- Rent, Occupancy and Depreciation deleveraged 170 basis points
versus last year primarily due to lower sales volume in the
quarter.
- Operating loss was $197 million in the quarter; operating
margin of negative 5.7%.
- Net loss of $162 million; diluted loss per share of $0.44.
First Quarter Fiscal 2022 – Balance
Sheet and Cash Flow Highlights
- Ended the quarter with cash and cash equivalents of $845
million.
- Net cash from operating activities was negative $362 million.
Free cash flow,1 defined as net cash from operating activities less
purchases of property and equipment, was negative $590
million.
- Ending inventory was up 34% year-over-year to $3.2
billion.
- Capital expenditures were $228 million.
- Share repurchases were $54 million, representing 3.7 million
shares.
- Paid first quarter dividend of $0.15 per share, totaling $56
million.
- Board of Directors approved second quarter fiscal 2022 dividend
of $0.15 per share.
1
Additional information regarding
free cash flow, a non-GAAP financial measure, is provided at the
end of this press release along with a reconciliation of this
measure from the most directly comparable GAAP financial measure
for the applicable period.
First Quarter Fiscal 2022 – Brand
Results
Old Navy:
- Net sales of $1.8 billion, down 19% compared to last year.
Sales in the quarter were negatively impacted by size and
assortment imbalances, ongoing inventory delays, and product
acceptance issues in some key categories.
- Comparable sales were down 22%.
Gap:
- Net sales of $791 million, down 11% compared to last year. The
brand was slightly impacted by slowed demand stemming from
inflationary pressures impacting the lower-income consumer as well
as continued inventory lateness to last year. Growth at Gap Brand
was also negatively impacted by the COVID-related forced lockdowns
and slowed overall demand in China.
- Global and North America comparable sales were both down
11%.
Banana Republic:
- Net sales of $482 million, up 24% compared to last year. The
brand is realizing the benefits of last year’s relaunch which is
resonating with consumers particularly in light of the near-term
shift into occasion and work-based categories.
- Comparable sales were up 27%.
Athleta:
- Net sales of $360 million, up 4% compared to last year. The
brand continues to make progress in driving awareness and
establishing authority in the women’s active and wellness
category.
- Comparable sales were down 7%.
Fiscal Year 2022 Outlook
“We are revising our fiscal 2022 outlook to reflect the impact
of certain factors impacting our near-term performance, including
execution challenges at Old Navy, an uncertain macro consumer
environment, inflationary cost headwinds, and a slowdown in China
that is impacting Gap Brand,” said Katrina O’Connell, Executive
Vice President and Chief Financial Officer, Gap Inc. “We expect our
performance to improve modestly in the back half of the year and
accelerate as we enter fiscal 2023. We believe that our long-term
strategy is the right one and we are taking steps to position our
brands, platform and people to capitalize on the significant
opportunities ahead.”
- The company now expects fiscal 2022 revenue to decline in the
low to mid-single digit range versus last year.
- Gross margin is expected to be in the range of 36.5% to
37.5%.
- Reported operating margin is expected to be in the range of
1.8%-2.8% with adjusted operating margin2 in the range of 1.5% to
2.5%.
- Reported diluted earnings per share is expected to be in the
range of $0.40 to $0.70.
- Adjusted diluted earnings per share,2 excluding a net benefit
expected from international initiatives, is expected to be in the
range of $0.30 to $0.60.
- Net interest expense of approximately $80 million.
- Effective tax rate of approximately 27%.
- Capital expenditures of approximately $700 million.
- The company continues to expect to open about 30 to 40 stores
each for Old Navy and Athleta in fiscal year 2022. As part of its
350-store closure plan, the company expects to close about 50 Gap
and Banana Republic stores in North America during the year.
2
Additional information regarding
expected 2022 adjusted operating margin and adjusted diluted
earnings per share, both of which are non-GAAP financial measures,
is provided at the end of this press release along with a
reconciliation of these measures from the most directly comparable
GAAP financial measures for the applicable period.
Webcast and Conference Call Information Cammeron
McLaughlin, Head of Investor Relations at Gap Inc., will host a
summary of the company’s first quarter fiscal 2022 results during a
conference call and webcast from approximately 2:00 p.m. to 3:00
p.m. Pacific Time today. Ms. McLaughlin will be joined by Chief
Executive Officer Sonia Syngal and Chief Financial Officer Katrina
O’Connell.
To access the conference call, please pre-register using this
link. Registrants will receive confirmation with dial-in
details.
A live webcast of the event can be accessed using this link. A
replay will also be made available at investors.gapinc.com.
Non-GAAP Disclosure This press release includes financial
measures that have not been calculated in accordance with U.S.
generally accepted accounting principles (GAAP) and are therefore
referred to as non-GAAP financial measures. The non-GAAP measures
described below are intended to provide investors with additional
useful information about the company’s financial performance, to
enhance the overall understanding of its past performance and
future prospects and to allow for greater transparency with respect
to important metrics used by management for financial and operating
decision-making. The company presents these non-GAAP financial
measures to assist investors in seeing its financial performance
from management's view and because it believes they provide an
additional tool for investors to use in computing the company's
core financial performance over multiple periods with other
companies in its industry. Additional information regarding the
intended use of each non-GAAP measure included in this press
release is provided in the tables to this press release.
The non-GAAP measures included in this press release are free
cash flow, expected 2022 adjusted operating margin, and expected
2022 adjusted diluted earnings per share. These non-GAAP measures
exclude the impact of certain items that are set forth in the
tables to this press release.
The non-GAAP measures used by the company should not be
considered as a substitute for, or superior to, measures of
financial performance prepared in accordance with GAAP and may not
be the same as similarly titled measures used by other companies
due to possible differences in method and in items or events being
adjusted. The company urges investors to review the reconciliation
of these non-GAAP financial measures to the most directly
comparable GAAP financial measures included in the tables to this
press release below, and not to rely on any single financial
measure to evaluate its business. The non-GAAP financial measures
used by the company have limitations in their usefulness to
investors because they have no standardized meaning prescribed by
GAAP and are not prepared under any comprehensive set of accounting
rules or principles.
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: navigating disruption and building a resilient and
agile company; executing against our Power Plan strategy and
delivering growth, margin expansion and long-term shareholder
value; our performance in fiscal 2022 and fiscal 2023; positioning
our brands, platform and people to capitalize on future
opportunities; revenue growth in fiscal 2022 and year-over-year
revenue growth in the second half of fiscal 2022; gross margin in
fiscal 2022 and in the first and second halves of fiscal 2022;
reported and adjusted operating margin in fiscal 2022; reported and
adjusted earnings per share in fiscal 2022; the impact of
international initiatives on adjusted earnings per share in fiscal
2022; net interest expense in fiscal 2022; effective tax rate in
fiscal 2022; capital expenditures in fiscal 2022; store openings
and closings in fiscal 2022 and completing the North American fleet
rationalization; our ability to navigate industry-wide headwinds
and restabilize Old Navy and the timing thereof; the impact of
challenges at Old Navy on earnings per share in fiscal 2022; the
impacts of inflation, fuel costs and hourly labor headwinds on our
fiscal 2022 outlook; consumer demand in fiscal 2022; pressured
sales in the short-term from excess inventory at Old Navy;
refocusing on Old Navy’s value equation; capturing consumers in an
inflationary environment; improving Old Navy’s assortment in fall
and holiday; maintaining Old Navy’s leadership in denim, active and
fleece categories; Old Navy’s strong stock position for back to
school; optimizing Old Navy’s in-store and online size ranges;
price parity across all women’s styles at Old Navy; optimizing
replenishment, monitoring demand and refining extended size
offerings at Old Navy; availability of core women’s sizes at Old
Navy in the fall; updating Old Navy’s marketing mix and messaging;
engaging customers through our new credit card program with
Barclays; the strength and long-term value of Old Navy’s core
assets; Old Navy’s Price ON-Lock initiative; multi-year tailwinds
for Athleta; Athleta’s revenue CAGR over the long-term; Athleta’s
positioning to capitalize on current consumer trends; Athleta’s
assortment mix in fiscal 2022; igniting brand relevance and driving
category and channel diversification at Gap; expanding Gap across
wholesale and marketplaces in fiscal 2022; Banana Republic’s
positioning to capitalize on current consumer trends; air freight
expense in fiscal 2022, the second quarter of fiscal 2022 the
second half of fiscal 2022; the impact of lockdowns in China on our
fiscal 2022 outlook; the impacts of inflation, higher discounting
at Old Navy, ROD deleverage and fuel costs on our fiscal 2022 gross
margin; improvements in promotional levels at Old Navy in the
second half of fiscal 2022; ROD deleverage in fiscal 2022; SG&A
deleverage in fiscal 2022; reducing discretionary spending and
managing expenses in fiscal 2022; the sale of our UK Distribution
Center; the transition of our Old Navy Mexico business; and our
dividend and share repurchase programs.
Because these forward-looking statements involve risks and
uncertainties, there are important factors that could cause our
actual results to differ materially from those in the
forward-looking statements. These factors include, without
limitation, the following risks, any of which could have an adverse
effect on our financial condition, results of operations, and
reputation: the overall global economic and geopolitical
environment, consumer spending patterns and risks associated with
the COVID-19 pandemic; the risk that our estimates regarding
consumer demand are inaccurate, or that economic conditions
including delayed shipments and other global supply chain
challenges worsen beyond what we currently estimate; the risk that
we may be unable to mitigate the impact of global supply chain
disruptions on our business and operations and maintain inventory
commensurate with consumer demand; the risk that inflation
continues to rise, which could increase our expenses and negatively
impact consumer demand; the risk that we may be unable to manage
our inventory effectively and the resulting impact on our gross
margins and sales; the risk that global supply chain delays will
result in receiving inventory after the applicable selling season
and lead to significant impairment charges; the risk that we or our
franchisees may be unsuccessful in gauging apparel trends and
changing consumer preferences or responding with sufficient lead
time; the risk that we fail to maintain, enhance and protect our
brand image and reputation; the risk that increased public focus on
our ESG initiatives or our inability to meet our stated ESG goals
could affect our brand image and reputation; the highly competitive
nature of our business in the United States and internationally;
engaging in or seeking to engage in strategic transactions that are
subject to various risks and uncertainties; the risk that our
investments in customer, digital, and omni-channel shopping
initiatives may not deliver the results we anticipate; the risk
that we fail to manage key executive succession and retention and
to continue to attract qualified personnel; the risks to our
business, including our costs and global 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 of data or other security breaches or
vulnerabilities that may result in increased costs, violations of
law, significant legal and financial exposure, and a loss of
confidence in our security measures; the risk that failures of, or
updates or changes to, our IT systems may disrupt our operations;
the risk that our efforts to expand internationally may not be
successful; the risk that our franchisees and licensees could
impair the value of our brands; the risk that trade matters could
increase the cost or reduce the supply of apparel available to us;
the risk of foreign currency exchange rate fluctuations; the risk
that comparable sales and margins will experience fluctuations;
natural disasters, public health crises (similar to and including
the ongoing COVID-19 pandemic), political crises (such as the
ongoing conflict between Russia and Ukraine), negative global
climate patterns, or other catastrophic events; the risk that we or
our franchisees may be unsuccessful in identifying, negotiating,
and securing new store locations and renewing, modifying, or
terminating leases for existing store locations effectively; the
risk that we will not be successful in defending various
proceedings, lawsuits, disputes, and claims; our failure to comply
with applicable laws and regulations and changes in the regulatory
or administrative landscape; reductions in income and cash flow
from our credit card arrangement related to our private label and
co-branded credit cards and our new credit card arrangement; the
risk that our level of indebtedness may impact our ability to
operate and expand our business; the risk that we and our
subsidiaries may be unable to meet our obligations under our
indebtedness agreements; the risk that changes in our credit
profile or deterioration in market conditions may limit our access
to the capital markets; the risk that the adoption of new
accounting pronouncements will impact future results; 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
additional information may arise during our close process or as a
result of subsequent events that would require us to make
adjustments to our financial information.
Additional information regarding factors that could cause
results to differ can be found in our Annual Report on Form 10-K
filed with the Securities and Exchange Commission on March 15,
2022, as well as our subsequent filings with the Securities and
Exchange Commission.
These forward-looking statements are based on information as of
May 26, 2022. We assume no obligation to publicly update or revise
our 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., a collection of purpose-led
lifestyle brands, is the largest American specialty apparel company
offering clothing, accessories, and personal care products for men,
women, and children under the Old Navy, Gap, Banana Republic, and
Athleta brands. The company uses omni-channel capabilities to
bridge the digital world and physical stores to further enhance its
shopping experience. Gap Inc. is guided by its purpose, Inclusive,
by Design, and takes pride in creating products and experiences its
customers love while doing right by its employees, communities, and
planet. Gap Inc. products are available for purchase worldwide
through company-operated stores, franchise stores, and e-commerce
sites. Fiscal year 2021 net sales were $16.7 billion. For more
information, please visit www.gapinc.com.
The Gap, Inc. CONDENSED CONSOLIDATED BALANCE
SHEETS UNAUDITED ($ in millions)
April 30, 2022
May 1, 2021
ASSETS Current assets: Cash and cash equivalents
$
845
$
2,066
Short-term investments
-
475
Merchandise inventory
3,169
2,370
Other current assets
991
1,091
Total current assets
5,005
6,002
Property and equipment, net
2,791
2,839
Operating lease assets
3,587
4,060
Other long-term assets
874
703
Total assets
$
12,257
$
13,604
LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities:
Accounts payable
$
1,599
$
1,530
Accrued expenses and other current liabilities
1,127
1,294
Current portion of operating lease liabilities
717
798
Income taxes payable
29
16
Total current liabilities
3,472
3,638
Long-term liabilities: Revolving credit facility
350
-
Long-term debt
1,485
2,218
Long-term operating lease liabilities
3,921
4,449
Other long-term liabilities
575
493
Total long-term liabilities
6,331
7,160
Total stockholders' equity
2,454
2,806
Total liabilities and stockholders' equity
$
12,257
$
13,604
The Gap, Inc. CONDENSED CONSOLIDATED STATEMENTS OF
OPERATIONS UNAUDITED 13 Weeks Ended ($
and shares in millions except per share amounts) April 30,
2022 May 1, 2021 Net sales
$
3,477
$
3,991
Cost of goods sold and occupancy expenses
2,381
2,361
Gross profit
1,096
1,630
Operating expenses
1,293
1,390
Operating income (loss)
(197
)
240
Interest, net
19
53
Income (loss) before income taxes
(216
)
187
Income taxes
(54
)
21
Net income (loss)
$
(162
)
$
166
Weighted-average number of shares - basic
370
376
Weighted-average number of shares - diluted
370
385
Earnings (loss) per share - basic
$
(0.44
)
$
0.44
Earnings (loss) per share - diluted
$
(0.44
)
$
0.43
The Gap, Inc. CONDENSED CONSOLIDATED STATEMENTS OF CASH
FLOWS UNAUDITED
13 Weeks Ended
($ in millions)
April 30, 2022 (a)
May 1, 2021 (a)
Cash flows from operating activities: Net income (loss)
$
(162
)
$
166
Depreciation and amortization
130
120
Loss on divestiture activity
-
56
Change in merchandise inventory
(166
)
69
Change in accounts payable
(336
)
(205
)
Change in accrued expenses and other current liabilities
(236
)
40
Change in income taxes payable, net of receivables and other
tax-related items
369
(18
)
Other, net
39
112
Net cash provided by (used for) operating activities
(362
)
340
Cash flows from investing activities: Purchases of property
and equipment
(228
)
(124
)
Purchases of short-term investments
-
(298
)
Proceeds from sales and maturities of short-term investments
-
233
Proceeds from divestiture activity
-
28
Net proceeds from sale of building
333
-
Net cash provided by (used for) investing activities
105
(161
)
Cash flows from financing activities: Proceeds from
revolving credit facility
350
-
Proceeds from issuances under share-based compensation plans
7
25
Withholding tax payments related to vesting of stock units
(14
)
(32
)
Repurchases of common stock
(54
)
-
Cash dividends paid
(56
)
(91
)
Net cash provided by (used for) financing activities
233
(98
)
Effect of foreign exchange rate fluctuations on cash, cash
equivalents, and restricted cash
(7
)
(1
)
Net increase (decrease) in cash, cash equivalents, and restricted
cash
(31
)
80
Cash, cash equivalents, and restricted cash at beginning of period
902
2,016
Cash, cash equivalents, and restricted cash at end of period
$
871
$
2,096
____________________
(a)
For the thirteen weeks ended
April 30, 2022 and May 1, 2021, total cash, cash equivalents, and
restricted cash includes $26 million and $30 million, respectively,
of restricted cash primarily recorded in other long-term assets on
the Condensed Consolidated Balance Sheets.
The Gap, Inc. NON-GAAP FINANCIAL MEASURES
UNAUDITED
FREE CASH FLOW
Free cash flow is a non-GAAP financial measure. We believe free
cash flow is an important metric because it represents a measure of
how much cash a company has available for discretionary and
non-discretionary items after the deduction of capital
expenditures. We require regular capital expenditures including
technology improvements to automate processes, engage with
customers, and optimize our supply chain in addition to building
and maintaining stores. We use this metric internally, as we
believe our sustained ability to generate free cash flow is an
important driver of value creation. However, this non-GAAP
financial measure is not intended to supersede or replace our GAAP
results.
13 Weeks Ended
($ in millions)
April 30, 2022
May 1, 2021
Net cash provided by (used for) operating activities
$
(362
)
$
340
Less: Purchases of property and equipment
(228
)
(124
)
Free cash flow
$
(590
)
$
216
The Gap, Inc. NON-GAAP FINANCIAL MEASURES
UNAUDITED
ADJUSTED STATEMENT OF OPERATIONS METRICS FOR THE FIRST
QUARTER OF FISCAL YEAR 2021
The following adjusted statement of operations metrics 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 a loss on divestiture activity incurred
during the first quarter of fiscal 2021. Management believes that
excluding certain items from statement of operations metrics that
are not part of the Company's core operations provides additional
information to investors to facilitate the comparison of results
against past and future years. However, these non-GAAP financial
measures are not intended to supersede or replace the GAAP
measures.
($ in millions)13 Weeks Ended May 1, 2021
OperatingExpenses OperatingExpenses as a% of Net
Sales OperatingIncome OperatingIncome as a %of Net
Sales IncomeTaxes NetIncome Earnings perShare
-Diluted GAAP metrics, as reported
$
1,390
34.8
%
$
240
6.0
%
$
21
$
166
$
0.43
Adjustments for: Loss on divestiture activity (a)
(56
)
(1.4
)%
56
1.4
%
36
20
0.05
Non-GAAP metrics
$
1,334
33.4
%
$
296
7.4
%
$
57
$
186
$
0.48
____________________ (a) Represents the impact of the loss on
divestiture activity that occurred during the first quarter of
fiscal 2021 related to the Janie and Jack and Intermix brands.
The Gap, Inc. NON-GAAP FINANCIAL MEASURES
UNAUDITED
EXPECTED ADJUSTED EARNINGS PER SHARE FOR FISCAL YEAR
2022
Expected adjusted diluted earnings per share is a non-GAAP
financial measure. Expected adjusted diluted earnings per share for
fiscal year 2022 is provided to enhance visibility into the
Company's expected underlying results for the period excluding the
estimated impact of strategic changes to our operating model in
Mexico and the sale of the Company's U.K. distribution center. This
non-GAAP financial measure is not intended to supersede or replace
the GAAP measure.
52 Weeks EndingJanuary 28, 2023 Low End High
End Expected earnings per share - diluted
$
0.40
$
0.70
Add: Estimated impact of strategic actions (a)
0.09
0.09
Less: Estimated gain on sale of building (b)
(0.19
)
(0.19
)
Expected adjusted earnings per share - diluted
$
0.30
$
0.60
____________________
(a)
Represents the estimated earnings
per share impact, calculated net of tax at the expected effective
tax rate, of estimated net costs related to strategic changes to
our operating model in Mexico.
(b)
Represents the estimated earnings
per share impact, calculated net of tax at the expected effective
tax rate, of an expected gain on the sale of our U.K. distribution
center.
The Gap, Inc. NET SALES RESULTS
UNAUDITED The following table details the Company’s
first quarter fiscal year 2022 and 2021 net sales (unaudited):
($ in millions) Old NavyGlobal Gap
Global BananaRepublic Global AthletaGlobal
Other (2) Total 13 Weeks Ended April 30, 2022
U.S. (1)
$
1,673
$
497
$
416
$
344
$
3
$
2,933
Canada
147
64
43
9
-
263
Europe
1
54
1
2
-
58
Asia
-
141
16
-
-
157
Other regions
20
35
6
5
-
66
Total
$
1,841
$
791
$
482
$
360
$
3
$
3,477
($ in millions) Old NavyGlobal Gap
Global BananaRepublic Global AthletaGlobal
Other (3) Total 13 Weeks Ended May 1, 2021
U.S. (1)
$
2,099
$
556
$
333
$
347
$
89
$
3,424
Canada
159
68
34
-
-
261
Europe
-
69
3
-
-
72
Asia
1
163
16
-
-
180
Other regions
21
30
3
-
-
54
Total
$
2,280
$
886
$
389
$
347
$
89
$
3,991
____________________
(1)
U.S. includes the United States
and Puerto Rico.
(2)
Primarily consists of net sales
from revenue generating strategic initiatives.
(3)
Primarily consists of net sales
for the Intermix brand, which was divested on May 21, 2021. Also
includes net sales for the Janie and Jack brand through April 7,
2021.
The Gap, Inc. REAL ESTATE Store count,
openings, closings, and square footage for our stores are as
follows:
January 29, 2022
13 Weeks Ended April 30,
2022
April 30, 2022
Number of
Number of Stores
Number of Stores
Number of
Square Footage
Store Locations
Opened
Closed
Store Locations
(in millions)
Old Navy North America
1,252
9
3
1,258
20.2
Gap North America
520
1
9
512
5.4
Gap Asia
329
3
4
328
2.7
Gap Europe (1)
11
-
-
-
-
Banana Republic North America
446
1
2
445
3.7
Banana Republic Asia
50
1
-
51
0.2
Athleta North America
227
6
2
231
1.0
Company-operated stores total
2,835
21
20
2,825
33.2
Franchise (1)
564
23
9
589
N/A
Total
3,399
44
29
3,414
33.2
____________________
(1)
The 11 Gap Italy stores that were
transitioned to OVS S.p.A. during the period are not included as
store closures or openings for Company-operated and Franchise store
activity. The ending balance for Gap Europe excludes these stores
and the ending balance for Franchise includes these stores.
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version on businesswire.com: https://www.businesswire.com/news/home/20220526005214/en/
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