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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Gap Inc | NYSE:GPS | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.73 | 3.51% | 21.52 | 21.66 | 20.91 | 20.94 | 5,545,215 | 01:00:00 |
☑ | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
☐ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
Delaware | 94-1697231 | |||||||
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) |
Title of each class | Trading Symbol | Name of each exchange on which registered | ||||||||||||
Common Stock, $0.05 par value | GPS | The New York Stock Exchange |
Large accelerated filer | ☑ | Accelerated filer | ☐ | Non-accelerated filer | ☐ | Smaller reporting company | ☐ | ||||||||||||||||
Emerging growth company | ☐ |
Page | ||||||||
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Item 2. | ||||||||
Item 3. | ||||||||
Item 4. | ||||||||
Item 1. | ||||||||
Item 1A. | ||||||||
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Item 6. |
($ and shares in millions except par value) | April 30, 2022 | January 29, 2022 | May 1, 2021 | ||||||||||||||
ASSETS | |||||||||||||||||
Current assets: | |||||||||||||||||
Cash and cash equivalents | $ | 845 | $ | 877 | $ | 2,066 | |||||||||||
Short-term investments | — | — | 475 | ||||||||||||||
Merchandise inventory | 3,169 | 3,018 | 2,370 | ||||||||||||||
Other current assets | 991 | 1,270 | 1,091 | ||||||||||||||
Total current assets | 5,005 | 5,165 | 6,002 | ||||||||||||||
Property and equipment, net of accumulated depreciation of $4,967, $5,071 and $5,616 | 2,791 | 3,037 | 2,839 | ||||||||||||||
Operating lease assets | 3,587 | 3,675 | 4,060 | ||||||||||||||
Other long-term assets | 874 | 884 | 703 | ||||||||||||||
Total assets | $ | 12,257 | $ | 12,761 | $ | 13,604 | |||||||||||
LIABILITIES AND STOCKHOLDERS’ EQUITY | |||||||||||||||||
Current liabilities: | |||||||||||||||||
Accounts payable | $ | 1,599 | $ | 1,951 | $ | 1,530 | |||||||||||
Accrued expenses and other current liabilities | 1,127 | 1,367 | 1,294 | ||||||||||||||
Current portion of operating lease liabilities | 717 | 734 | 798 | ||||||||||||||
Income taxes payable | 29 | 25 | 16 | ||||||||||||||
Total current liabilities | 3,472 | 4,077 | 3,638 | ||||||||||||||
Long-term liabilities: | |||||||||||||||||
Revolving credit facility | 350 | — | — | ||||||||||||||
Long-term debt | 1,485 | 1,484 | 2,218 | ||||||||||||||
Long-term operating lease liabilities | 3,921 | 4,033 | 4,449 | ||||||||||||||
Other long-term liabilities | 575 | 445 | 493 | ||||||||||||||
Total long-term liabilities | 6,331 | 5,962 | 7,160 | ||||||||||||||
Commitments and contingencies (see Note 9) | |||||||||||||||||
Stockholders’ equity: | |||||||||||||||||
Common stock $0.05 par value | |||||||||||||||||
Authorized 2,300 shares for all periods presented; Issued and Outstanding 369, 371, and 377 shares | 19 | 19 | 19 | ||||||||||||||
Additional paid-in capital | — | 43 | 118 | ||||||||||||||
Retained earnings | 2,389 | 2,622 | 2,667 | ||||||||||||||
Accumulated other comprehensive income | 46 | 38 | 2 | ||||||||||||||
Total stockholders’ equity | 2,454 | 2,722 | 2,806 | ||||||||||||||
Total liabilities and stockholders’ equity | $ | 12,257 | $ | 12,761 | $ | 13,604 |
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 expense | 20 | 54 | |||||||||
Interest income | (1) | (1) | |||||||||
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 | |||||||
13 Weeks Ended | |||||||||||
($ in millions) | April 30, 2022 | May 1, 2021 | |||||||||
Net income (loss) | $ | (162) | $ | 166 | |||||||
Other comprehensive income (loss), net of tax | |||||||||||
Foreign currency translation | 3 | (3) | |||||||||
Change in fair value of derivative financial instruments, net of tax (tax benefit) of $2 and $— | 7 | (7) | |||||||||
Reclassification adjustment for losses (gains) on derivative financial instruments, net of (tax) tax benefit of $(1) and $— | (2) | 3 | |||||||||
Other comprehensive income (loss), net of tax | 8 | (7) | |||||||||
Comprehensive income (loss) | $ | (154) | $ | 159 |
Common Stock | Additional Paid-in Capital | Retained Earnings | Accumulated Other Comprehensive Income | |||||||||||||||||||||||||||||||||||
($ and shares in millions except per share amounts) | Shares | Amount | Total | |||||||||||||||||||||||||||||||||||
Balance as of January 29, 2022 | 371 | $ | 19 | $ | 43 | $ | 2,622 | $ | 38 | $ | 2,722 | |||||||||||||||||||||||||||
Net loss for the 13 weeks ended April 30, 2022 | (162) | (162) | ||||||||||||||||||||||||||||||||||||
Other comprehensive income (loss), net of tax | ||||||||||||||||||||||||||||||||||||||
Foreign currency translation | 3 | 3 | ||||||||||||||||||||||||||||||||||||
Change in fair value of derivative financial instruments | 7 | 7 | ||||||||||||||||||||||||||||||||||||
Amounts reclassified from accumulated other comprehensive income | (2) | (2) | ||||||||||||||||||||||||||||||||||||
Repurchases and retirement of common stock | (4) | — | (39) | (15) | (54) | |||||||||||||||||||||||||||||||||
Issuance of common stock related to stock options and employee stock purchase plans | 1 | — | 7 | 7 | ||||||||||||||||||||||||||||||||||
Issuance of common stock and withholding tax payments related to vesting of stock units | 1 | — | (14) | (14) | ||||||||||||||||||||||||||||||||||
Share-based compensation, net of forfeitures | 3 | 3 | ||||||||||||||||||||||||||||||||||||
Common stock dividends declared and paid ($0.15 per share) | (56) | (56) | ||||||||||||||||||||||||||||||||||||
Balance as of April 30, 2022 | 369 | $ | 19 | $ | — | $ | 2,389 | $ | 46 | $ | 2,454 | |||||||||||||||||||||||||||
Balance as of January 30, 2021 | 374 | $ | 19 | $ | 85 | $ | 2,501 | $ | 9 | $ | 2,614 | |||||||||||||||||||||||||||
Net income for the 13 weeks ended May 1, 2021 | 166 | 166 | ||||||||||||||||||||||||||||||||||||
Other comprehensive income (loss), net of tax | ||||||||||||||||||||||||||||||||||||||
Foreign currency translation | (3) | (3) | ||||||||||||||||||||||||||||||||||||
Change in fair value of derivative financial instruments | (7) | (7) | ||||||||||||||||||||||||||||||||||||
Amounts reclassified from accumulated other comprehensive income | 3 | 3 | ||||||||||||||||||||||||||||||||||||
Issuance of common stock related to stock options and employee stock purchase plans | 1 | — | 25 | 25 | ||||||||||||||||||||||||||||||||||
Issuance of common stock and withholding tax payments related to vesting of stock units | 2 | — | (32) | (32) | ||||||||||||||||||||||||||||||||||
Share-based compensation, net of forfeitures | 40 | 40 | ||||||||||||||||||||||||||||||||||||
Balance as of May 1, 2021 | 377 | $ | 19 | $ | 118 | $ | 2,667 | $ | 2 | $ | 2,806 |
13 Weeks Ended | |||||||||||
($ in millions) | April 30, 2022 | May 1, 2021 | |||||||||
Cash flows from operating activities: | |||||||||||
Net income (loss) | $ | (162) | $ | 166 | |||||||
Adjustments to reconcile net income (loss) to net cash provided by (used for) operating activities: | |||||||||||
Depreciation and amortization | 130 | 120 | |||||||||
Share-based compensation | 1 | 36 | |||||||||
Impairment of operating lease assets | — | 5 | |||||||||
Impairment of store assets | 3 | — | |||||||||
Amortization of debt issuance costs | 2 | 4 | |||||||||
Non-cash and other items | (3) | 13 | |||||||||
Loss on divestiture activity | — | 56 | |||||||||
Deferred income taxes | (1) | 18 | |||||||||
Changes in operating assets and liabilities: | |||||||||||
Merchandise inventory | (166) | 69 | |||||||||
Other current assets and other long-term assets | 57 | 10 | |||||||||
Accounts payable | (336) | (205) | |||||||||
Accrued expenses and other current liabilities | (236) | 40 | |||||||||
Income taxes payable, net of receivables and other tax-related items | 369 | (18) | |||||||||
Other long-term liabilities | 20 | 41 | |||||||||
Operating lease assets and liabilities, net | (40) | (15) | |||||||||
Net cash provided by (used for) operating activities | (362) | 340 | |||||||||
Cash flows from investing activities: | |||||||||||
Purchases of property and equipment | (228) | (124) | |||||||||
Net proceeds from sale of building | 333 | — | |||||||||
Purchases of short-term investments | — | (298) | |||||||||
Proceeds from sales and maturities of short-term investments | — | 233 | |||||||||
Proceeds from divestiture activity | — | 28 | |||||||||
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 | |||||||
Supplemental disclosure of cash flow information: | |||||||||||
Cash paid for interest during the period | $ | 32 | $ | 2 | |||||||
Cash paid (received) for income taxes during the period, net of refunds | $ | (420) | $ | 20 | |||||||
($ in millions) | April 30, 2022 | January 29, 2022 | May 1, 2021 | ||||||||||||||
Cash and cash equivalents, per Condensed Consolidated Balance Sheets | $ | 845 | $ | 877 | $ | 2,066 | |||||||||||
Restricted cash included in other long-term assets | 26 | 25 | 30 | ||||||||||||||
Total cash, cash equivalents, and restricted cash, per Condensed Consolidated Statements of Cash Flows | $ | 871 | $ | 902 | $ | 2,096 |
13 Weeks Ended | |||||||||||
($ in millions) | April 30, 2022 | May 1, 2021 | |||||||||
Store sales (1) | $ | 2,137 | $ | 2,384 | |||||||
Online sales (2) | 1,340 | 1,607 | |||||||||
Total net sales | $ | 3,477 | $ | 3,991 | |||||||
($ in millions) | Old Navy Global | Gap Global | Banana Republic Global | Athleta Global | 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 Navy Global | Gap Global | Banana Republic Global | Athleta Global | 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 |
($ in millions) | April 30, 2022 | January 29, 2022 | May 1, 2021 | ||||||||||||||
Secured Notes | |||||||||||||||||
2023 Notes | $ | — | $ | — | $ | 500 | |||||||||||
2025 Notes | — | — | 750 | ||||||||||||||
2027 Notes | — | — | 1,000 | ||||||||||||||
Senior Notes | |||||||||||||||||
2029 Notes | 750 | 750 | — | ||||||||||||||
2031 Notes | 750 | 750 | — | ||||||||||||||
Less: Unamortized debt issuance costs | (15) | (16) | (32) | ||||||||||||||
Total long-term debt | $ | 1,485 | $ | 1,484 | $ | 2,218 |
Scheduled Maturity ($ in millions) | Principal | Interest Rate | Interest Payments | ||||||||||||||
Senior Notes | |||||||||||||||||
October 1, 2029 (1) | $ | 750 | 3.625 | % | Semi-Annual | ||||||||||||
October 1, 2031 (2) | 750 | 3.875 | % | Semi-Annual | |||||||||||||
Total issuance | $ | 1,500 |
Fair Value Measurements at Reporting Date Using | |||||||||||||||||||||||
($ in millions) | April 30, 2022 | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | |||||||||||||||||||
Assets: | |||||||||||||||||||||||
Cash equivalents | $ | 16 | $ | — | $ | 16 | $ | — | |||||||||||||||
Derivative financial instruments | 44 | — | 44 | — | |||||||||||||||||||
Deferred compensation plan assets | 40 | 40 | — | — | |||||||||||||||||||
Other assets | 4 | — | — | 4 | |||||||||||||||||||
Total | $ | 104 | $ | 40 | $ | 60 | $ | 4 | |||||||||||||||
Liabilities: | |||||||||||||||||||||||
Derivative financial instruments | $ | 1 | $ | — | $ | 1 | $ | — | |||||||||||||||
Fair Value Measurements at Reporting Date Using | |||||||||||||||||||||||
($ in millions) | January 29, 2022 | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | |||||||||||||||||||
Assets: | |||||||||||||||||||||||
Cash equivalents | $ | 27 | $ | — | $ | 27 | $ | — | |||||||||||||||
Derivative financial instruments | 16 | — | 16 | — | |||||||||||||||||||
Deferred compensation plan assets | 40 | 40 | — | — | |||||||||||||||||||
Other assets | 4 | — | — | 4 | |||||||||||||||||||
Total | $ | 87 | $ | 40 | $ | 43 | $ | 4 | |||||||||||||||
Liabilities: | |||||||||||||||||||||||
Derivative financial instruments | $ | 2 | $ | — | $ | 2 | $ | — | |||||||||||||||
Fair Value Measurements at Reporting Date Using | |||||||||||||||||||||||
($ in millions) | May 1, 2021 | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | |||||||||||||||||||
Assets: | |||||||||||||||||||||||
Cash equivalents | $ | 143 | $ | — | $ | 143 | $ | — | |||||||||||||||
Short-term investments | 475 | 365 | 110 | — | |||||||||||||||||||
Derivative financial instruments | 6 | — | 6 | — | |||||||||||||||||||
Deferred compensation plan assets | 49 | 49 | — | — | |||||||||||||||||||
Other assets | 4 | — | — | 4 | |||||||||||||||||||
Total | $ | 677 | $ | 414 | $ | 259 | $ | 4 | |||||||||||||||
Liabilities: | |||||||||||||||||||||||
Derivative financial instruments | $ | 30 | $ | — | $ | 30 | $ | — |
($ in millions) | April 30, 2022 | January 29, 2022 | May 1, 2021 | ||||||||||||||
Derivatives designated as cash flow hedges | $ | 373 | $ | 524 | $ | 343 | |||||||||||
Derivatives not designated as hedging instruments | 758 | 702 | 683 | ||||||||||||||
Total | $ | 1,131 | $ | 1,226 | $ | 1,026 |
($ in millions) | April 30, 2022 | January 29, 2022 | May 1, 2021 | ||||||||||||||
Derivatives designated as cash flow hedges: | |||||||||||||||||
Other current assets | $ | 16 | $ | 10 | $ | 4 | |||||||||||
Accrued expenses and other current liabilities | — | — | 19 | ||||||||||||||
Derivatives not designated as hedging instruments: | |||||||||||||||||
Other current assets | 28 | 6 | 2 | ||||||||||||||
Accrued expenses and other current liabilities | 1 | 2 | 11 | ||||||||||||||
Total derivatives in an asset position | $ | 44 | $ | 16 | $ | 6 | |||||||||||
Total derivatives in a liability position | $ | 1 | $ | 2 | $ | 30 |
Location and Amount of (Gain) Loss Recognized in Income (Loss) | |||||||||||||||||||||||
13 Weeks Ended April 30, 2022 | 13 Weeks Ended May 1, 2021 | ||||||||||||||||||||||
($ in millions) | Cost of goods sold and occupancy expenses | Operating expenses | Cost of goods sold and occupancy expenses | Operating expenses | |||||||||||||||||||
Total amount of expense line items presented in the Condensed Consolidated Statements of Operations in which the effects of derivatives are recorded | $ | 2,381 | $ | 1,293 | $ | 2,361 | $ | 1,390 | |||||||||||||||
(Gain) loss recognized in net income (loss) | |||||||||||||||||||||||
Derivatives designated as cash flow hedges | (3) | — | 3 | — | |||||||||||||||||||
Derivatives not designated as hedging instruments | — | (22) | — | 11 | |||||||||||||||||||
Total (gain) loss recognized in net income (loss) | $ | (3) | $ | (22) | $ | 3 | $ | 11 |
13 Weeks Ended | |||||||||||
($ and shares in millions except average per share cost) | April 30, 2022 | May 1, 2021 | |||||||||
Number of shares repurchased (1) | 3.7 | — | |||||||||
Total cost | $ | 54 | $ | — | |||||||
Average per share cost including commissions | $ | 14.47 | $ | — |
13 Weeks Ended | |||||||||||
(shares in millions) | April 30, 2022 | May 1, 2021 | |||||||||
Weighted-average number of shares - basic | 370 | 376 | |||||||||
Common stock equivalents (1) | — | 9 | |||||||||
Weighted-average number of shares - diluted | 370 | 385 |
13 Weeks Ended | |||||
April 30, 2022 | |||||
Old Navy Global | (22) | % | |||
Gap Global | (11) | % | |||
Banana Republic Global | 27 | % | |||
Athleta Global | (7) | % | |||
The Gap, Inc. | (14) | % |
13 Weeks Ended | |||||
May 1, 2021 | |||||
Old Navy Global | 35 | % | |||
Gap Global | 29 | % | |||
Banana Republic Global | (4) | % | |||
Athleta Global | 27 | % | |||
The Gap, Inc. | 28 | % |
January 29, 2022 | 13 Weeks Ended April 30, 2022 | April 30, 2022 | |||||||||||||||||||||||||||
Number of Store Locations | Number of Stores Opened | Number of Stores Closed | Number of Store Locations | Square Footage (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 | ||||||||||||||||||||||||
Decrease over prior year | (4.4) | % | (4.3) | % | |||||||||||||||||||||||||
January 30, 2021 | 13 Weeks Ended May 1, 2021 | May 1, 2021 | |||||||||||||||||||||||||||
Number of Store Locations | Number of Stores Opened | Number of Stores Closed | Number of Store Locations | Square Footage (in millions) | |||||||||||||||||||||||||
Old Navy North America | 1,220 | 24 | 2 | 1,242 | 19.9 | ||||||||||||||||||||||||
Gap North America | 556 | 1 | 5 | 552 | 5.8 | ||||||||||||||||||||||||
Gap Asia | 340 | 5 | 8 | 337 | 2.9 | ||||||||||||||||||||||||
Gap Europe | 117 | 1 | 2 | 116 | 1.0 | ||||||||||||||||||||||||
Banana Republic North America | 471 | 1 | 3 | 469 | 4.0 | ||||||||||||||||||||||||
Banana Republic Asia | 47 | 3 | 2 | 48 | 0.2 | ||||||||||||||||||||||||
Athleta North America | 199 | 3 | — | 202 | 0.8 | ||||||||||||||||||||||||
Intermix North America | 31 | — | — | 31 | 0.1 | ||||||||||||||||||||||||
Janie and Jack North America (2) | 119 | — | — | — | — | ||||||||||||||||||||||||
Company-operated stores total | 3,100 | 38 | 22 | 2,997 | 34.7 | ||||||||||||||||||||||||
Franchise | 615 | 36 | 77 | 574 | N/A | ||||||||||||||||||||||||
Total | 3,715 | 74 | 99 | 3,571 | 34.7 | ||||||||||||||||||||||||
Decrease over prior year | (8.7) | % | (5.4) | % |
13 Weeks Ended | |||||||||||
($ in millions) | April 30, 2022 | May 1, 2021 | |||||||||
Cost of goods sold and occupancy expenses | $ | 2,381 | $ | 2,361 | |||||||
Gross profit | $ | 1,096 | $ | 1,630 | |||||||
Cost of goods sold and occupancy expenses as a percentage of net sales | 68.5 | % | 59.2 | % | |||||||
Gross margin | 31.5 | % | 40.8 | % |
13 Weeks Ended | |||||||||||
($ in millions) | April 30, 2022 | May 1, 2021 | |||||||||
Operating expenses | $ | 1,293 | $ | 1,390 | |||||||
Operating expenses as a percentage of net sales | 37.2 | % | 34.8 | % | |||||||
Operating margin | (5.7) | % | 6.0 | % |
13 Weeks Ended | |||||||||||
($ in millions) | April 30, 2022 | May 1, 2021 | |||||||||
Interest expense | $ | 20 | $ | 54 |
13 Weeks Ended | |||||||||||
($ in millions) | April 30, 2022 | May 1, 2021 | |||||||||
Income taxes | $ | (54) | $ | 21 | |||||||
Effective tax rate | 25.0 | % | 11.2 | % |
($ in millions) | Source of Liquidity | Outstanding Indebtedness | Total Available Liquidity | ||||||||||||||
Cash and cash equivalents | $ | 845 | $ | — | $ | 845 | |||||||||||
Debt | |||||||||||||||||
3.625 percent 2029 Notes | 750 | 750 | — | ||||||||||||||
3.875 percent 2031 Notes | 750 | 750 | — | ||||||||||||||
Total | $ | 2,345 | $ | 1,500 | $ | 845 |
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 |
Total Number of Shares Purchased (1) | Average Price Paid Per Share Including Commissions | Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs | Maximum Number (or approximate dollar amount) of Shares that May Yet be Purchased Under the Plans or Programs (2) | ||||||||||||||||||||
Month #1 (January 30 - February 26) | 1,244,008 | $ | 16.04 | 1,244,008 | $ 579 million | ||||||||||||||||||
Month #2 (February 27 - April 2) | 698,665 | $ | 14.34 | 698,665 | $ 569 million | ||||||||||||||||||
Month #3 (April 3 - April 30) | 1,805,350 | $ | 13.45 | 1,805,350 | $ 545 million | ||||||||||||||||||
Total | 3,748,023 | $ | 14.47 | 3,748,023 |
Incorporated by Reference | ||||||||||||||||||||||||||||||||||||||
Exhibit No. | Exhibit Description | Form | File No. | Exhibit | Filing Date | Filed/ Furnished Herewith | ||||||||||||||||||||||||||||||||
3.1 | Amended and Restated Certificate of Incorporation (P) | 10-K | 1-7562 | 3.1 | April 26, 1993 | |||||||||||||||||||||||||||||||||
Certificate of Amendment of Amended and Restated Certificate of Incorporation | 10-K | 1-7562 | 3.2 | April 4, 2000 | ||||||||||||||||||||||||||||||||||
Amended and Restated Bylaws (effective March 23, 2020) | 8-K | 1-7562 | 3.1 | March 5, 2020 | ||||||||||||||||||||||||||||||||||
Rule 13a-14(a)/15d-14(a) Certification of the Chief Executive Officer of The Gap, Inc. (Section 302 of the Sarbanes-Oxley Act of 2002) | X | |||||||||||||||||||||||||||||||||||||
Rule 13a-14(a)/15d-14(a) Certification of the Chief Financial Officer of The Gap, Inc. (Section 302 of the Sarbanes-Oxley Act of 2002) | X | |||||||||||||||||||||||||||||||||||||
Certification of the Chief Executive Officer of The Gap, Inc. pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 | X | |||||||||||||||||||||||||||||||||||||
Certification of the Chief Financial Officer of The Gap, Inc. pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 | X | |||||||||||||||||||||||||||||||||||||
101 | The following materials from The Gap, Inc.’s Quarterly Report on Form 10-Q for the quarter ended April 30, 2022, formatted in Inline XBRL (eXtensible Business Reporting Language): (i) the Condensed Consolidated Balance Sheets, (ii) the Condensed Consolidated Statements of Operations, (iii) the Condensed Consolidated Statements of Comprehensive Income (Loss), (iv) the Condensed Consolidated Statements of Stockholders' Equity; (v) the Condensed Consolidated Statements of Cash Flows; and (vi) Notes to Condensed Consolidated Financial Statements | X | ||||||||||||||||||||||||||||||||||||
104 | Cover Page Interactive Data File (formatted in Inline XBRL and contained in Exhibit 101) | X |
THE GAP, INC. | |||||||||||
Date: | May 27, 2022 | By | /s/ Sonia Syngal | ||||||||
Sonia Syngal | |||||||||||
Chief Executive Officer | |||||||||||
(Principal Executive Officer) | |||||||||||
Date: | May 27, 2022 | By | /s/ Katrina O'Connell | ||||||||
Katrina O'Connell | |||||||||||
Executive Vice President and Chief Financial Officer | |||||||||||
(Principal Financial and Accounting Officer) |
1 Year Gap Chart |
1 Month Gap Chart |
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