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QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 | ||||
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TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 | ||||
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| (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 | ||||||||||||
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☑ | Accelerated filer | ☐ | Non-accelerated filer | ☐ | Smaller reporting company |
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| Emerging growth company |
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| Page | ||||||||
| Item 1. | ||||||||
| Item 2. | ||||||||
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| Item 4. | ||||||||
| Item 1. | ||||||||
| Item 1A. | ||||||||
| Item 2. | ||||||||
| Item 5. | ||||||||
| Item 6. | ||||||||
| ($ and shares in millions except par value) |
October 28,
2023 |
January 28,
2023 |
October 29,
2022 |
||||||||||||||
| ASSETS | |||||||||||||||||
| Current assets: | |||||||||||||||||
| Cash and cash equivalents | $ |
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$ |
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$ |
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| Merchandise inventory |
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| Other current assets |
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| Total current assets |
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Property and equipment, net of accumulated depreciation of $
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| Operating lease assets |
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| Other long-term assets |
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| Total assets | $ |
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$ |
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$ |
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|||||||||||
| LIABILITIES AND STOCKHOLDERS’ EQUITY | |||||||||||||||||
| Current liabilities: | |||||||||||||||||
| Accounts payable | $ |
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$ |
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$ |
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| Accrued expenses and other current liabilities |
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| Current portion of operating lease liabilities |
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| Income taxes payable |
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| Total current liabilities |
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| Long-term liabilities: | |||||||||||||||||
| Revolving credit facility |
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| Long-term debt |
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| Long-term operating lease liabilities |
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| Other long-term liabilities |
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| Total long-term liabilities |
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Commitments and contingencies (see Note 10)
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|||||||||||||||||
| Stockholders’ equity: | |||||||||||||||||
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Common stock $
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|||||||||||||||||
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Authorized
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| Additional paid-in capital |
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| Retained earnings |
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| Accumulated other comprehensive income |
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| Total stockholders’ equity |
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||||||||||||||
| Total liabilities and stockholders’ equity | $ |
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$ |
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$ |
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|||||||||||
| 13 Weeks Ended | 39 Weeks Ended | ||||||||||||||||||||||
| ($ and shares in millions except per share amounts) |
October 28,
2023 |
October 29,
2022 |
October 28,
2023 |
October 29,
2022 |
|||||||||||||||||||
| Net sales | $ |
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$ |
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$ |
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$ |
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|||||||||||||||
| Cost of goods sold and occupancy expenses |
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| Gross profit |
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|||||||||||||||||||
| Operating expenses |
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|||||||||||||||||||
| Operating income (loss) |
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(
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|||||||||||||||||||
| Interest expense |
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|||||||||||||||||||
| Interest income |
(
|
(
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(
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(
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|||||||||||||||||||
| Income (loss) before income taxes |
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(
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|||||||||||||||||||
| Income tax expense (benefit) |
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(
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|
(
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|||||||||||||||||||
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Net income
|
$ |
|
$ |
|
$ |
|
$ |
|
|||||||||||||||
| Weighted-average number of shares - basic |
|
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|||||||||||||||||||
| Weighted-average number of shares - diluted |
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|||||||||||||||||||
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Earnings per share - basic
|
$ |
|
$ |
|
$ |
|
$ |
|
|||||||||||||||
|
Earnings per share - diluted
|
$ |
|
$ |
|
$ |
|
$ |
|
|||||||||||||||
| 13 Weeks Ended | 39 Weeks Ended | ||||||||||||||||||||||
| ($ in millions) |
October 28,
2023 |
October 29,
2022 |
October 28,
2023 |
October 29,
2022 |
|||||||||||||||||||
|
Net income
|
$ |
|
$ |
|
$ |
|
$ |
|
|||||||||||||||
|
Other comprehensive income, net of tax
|
|||||||||||||||||||||||
| Foreign currency translation |
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|||||||||||||||||||
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Change in fair value of derivative financial instruments, net of tax expense of $
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|||||||||||||||||||
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Reclassification adjustment for gains on derivative financial instruments, net of tax benefit of $
|
(
|
(
|
(
|
(
|
|||||||||||||||||||
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Other comprehensive income, net of tax
|
|
|
|
|
|||||||||||||||||||
|
Comprehensive income
|
$ |
|
$ |
|
$ |
|
$ |
|
|||||||||||||||
| 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 July 29, 2023 |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
|||||||||||||||||||||||||||
| Net income for the 13 weeks ended October 28, 2023 |
|
|
||||||||||||||||||||||||||||||||||||
| Other comprehensive income, net of tax | ||||||||||||||||||||||||||||||||||||||
| Foreign currency translation |
|
|
||||||||||||||||||||||||||||||||||||
| Change in fair value of derivative financial instruments |
|
|
||||||||||||||||||||||||||||||||||||
| Amounts reclassified from accumulated other comprehensive income |
(
|
(
|
||||||||||||||||||||||||||||||||||||
| Issuance of common stock related to stock options and employee stock purchase plans |
|
|
|
|
||||||||||||||||||||||||||||||||||
| Issuance of common stock and withholding tax payments related to vesting of stock units |
|
|
(
|
(
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||||||||||||||||||||||||||||||||||
| Share-based compensation, net of forfeitures |
|
|
||||||||||||||||||||||||||||||||||||
|
Common stock dividends declared and paid ($
|
(
|
(
|
||||||||||||||||||||||||||||||||||||
| Balance as of October 28, 2023 |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
|||||||||||||||||||||||||||
| Balance as of July 30, 2022 |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
|||||||||||||||||||||||||||
| Net income for the 13 weeks ended October 29, 2022 |
|
|
||||||||||||||||||||||||||||||||||||
| Other comprehensive income, net of tax | ||||||||||||||||||||||||||||||||||||||
| Foreign currency translation |
|
|
||||||||||||||||||||||||||||||||||||
| Change in fair value of derivative financial instruments |
|
|
||||||||||||||||||||||||||||||||||||
| Amounts reclassified from accumulated other comprehensive income |
(
|
(
|
||||||||||||||||||||||||||||||||||||
| Repurchases and retirement of common stock |
(
|
|
(
|
(
|
||||||||||||||||||||||||||||||||||
| Issuance of common stock related to stock options and employee stock purchase plans |
|
|
|
|
||||||||||||||||||||||||||||||||||
| Issuance of common stock and withholding tax payments related to vesting of stock units |
|
|
(
|
(
|
||||||||||||||||||||||||||||||||||
| Share-based compensation, net of forfeitures |
|
|
||||||||||||||||||||||||||||||||||||
|
Common stock dividends declared and paid ($
|
(
|
(
|
||||||||||||||||||||||||||||||||||||
| Balance as of October 29, 2022 |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
|||||||||||||||||||||||||||
| 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 28, 2023 |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
|||||||||||||||||||||||||||
| Net income for the 39 weeks ended October 28, 2023 |
|
|
||||||||||||||||||||||||||||||||||||
| Other comprehensive income, net of tax |
|
|||||||||||||||||||||||||||||||||||||
| Foreign currency translation |
|
|
||||||||||||||||||||||||||||||||||||
| Change in fair value of derivative financial instruments |
|
|
||||||||||||||||||||||||||||||||||||
| Amounts reclassified from accumulated other comprehensive income |
(
|
(
|
||||||||||||||||||||||||||||||||||||
| Issuance of common stock related to stock options and employee stock purchase plans |
|
|
|
|
||||||||||||||||||||||||||||||||||
| Issuance of common stock and withholding tax payments related to vesting of stock units |
|
|
(
|
(
|
||||||||||||||||||||||||||||||||||
| Share-based compensation, net of forfeitures |
|
|
||||||||||||||||||||||||||||||||||||
|
Common stock dividends declared and paid ($
|
(
|
(
|
||||||||||||||||||||||||||||||||||||
| Balance as of October 28, 2023 |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
|||||||||||||||||||||||||||
| Balance as of January 29, 2022 |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
|||||||||||||||||||||||||||
| Net income for the 39 weeks ended October 29, 2022 |
|
|
||||||||||||||||||||||||||||||||||||
| Other comprehensive income, net of tax | ||||||||||||||||||||||||||||||||||||||
| Foreign currency translation |
|
|
||||||||||||||||||||||||||||||||||||
| Change in fair value of derivative financial instruments |
|
|
||||||||||||||||||||||||||||||||||||
| Amounts reclassified from accumulated other comprehensive income |
(
|
(
|
||||||||||||||||||||||||||||||||||||
| Repurchases and retirement of common stock |
(
|
(
|
(
|
(
|
(
|
|||||||||||||||||||||||||||||||||
| Issuance of common stock related to stock options and employee stock purchase plans |
|
|
|
|
||||||||||||||||||||||||||||||||||
| Issuance of common stock and withholding tax payments related to vesting of stock units |
|
|
(
|
(
|
||||||||||||||||||||||||||||||||||
| Share-based compensation, net of forfeitures |
|
|
||||||||||||||||||||||||||||||||||||
|
Common stock dividends declared and paid ($
|
(
|
(
|
||||||||||||||||||||||||||||||||||||
| Balance as of October 29, 2022 |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
|||||||||||||||||||||||||||
| 39 Weeks Ended | |||||||||||
| ($ in millions) |
October 28,
2023 |
October 29,
2022 |
|||||||||
| Cash flows from operating activities: | |||||||||||
|
Net income
|
$ |
|
$ |
|
|||||||
|
Adjustments to reconcile net income to net cash provided by (used for) operating activities:
|
|||||||||||
| Depreciation and amortization |
|
|
|||||||||
| Share-based compensation |
|
|
|||||||||
| Impairment of operating lease assets |
|
|
|||||||||
| Impairment of store assets |
|
|
|||||||||
| Amortization of debt issuance costs |
|
|
|||||||||
| Non-cash and other items |
|
(
|
|||||||||
| Loss on divestiture activity |
|
|
|||||||||
| Gain on sale of building |
(
|
(
|
|||||||||
| Deferred income taxes |
(
|
|
|||||||||
| Changes in operating assets and liabilities: | |||||||||||
| Merchandise inventory |
(
|
(
|
|||||||||
| Other current assets and other long-term assets |
|
(
|
|||||||||
| Accounts payable |
|
(
|
|||||||||
| Accrued expenses and other current liabilities |
(
|
(
|
|||||||||
| Income taxes payable, net of receivables and other tax-related items |
|
|
|||||||||
| Other long-term liabilities |
(
|
(
|
|||||||||
| Operating lease assets and liabilities, net |
(
|
(
|
|||||||||
| Net cash provided by (used for) operating activities |
|
(
|
|||||||||
| Cash flows from investing activities: | |||||||||||
| Purchases of property and equipment |
(
|
(
|
|||||||||
|
Net proceeds from sale of buildings
|
|
|
|||||||||
| Net proceeds from divestiture activity |
|
|
|||||||||
|
Net cash used for investing activities
|
(
|
(
|
|||||||||
| Cash flows from financing activities: | |||||||||||
| Proceeds from revolving credit facility |
|
|
|||||||||
| Repayments of revolving credit facility |
(
|
|
|||||||||
| Payments for debt issuance costs |
|
(
|
|||||||||
| Proceeds from issuances under share-based compensation plans |
|
|
|||||||||
| Withholding tax payments related to vesting of stock units |
(
|
(
|
|||||||||
| Repurchases of common stock |
|
(
|
|||||||||
| Cash dividends paid |
(
|
(
|
|||||||||
| Other |
(
|
(
|
|||||||||
| Net cash provided by (used for) financing activities |
(
|
|
|||||||||
| Effect of foreign exchange rate fluctuations on cash, cash equivalents, and restricted cash |
(
|
(
|
|||||||||
| Net increase (decrease) in cash, cash equivalents, and restricted cash |
|
(
|
|||||||||
| Cash, cash equivalents, and restricted cash at beginning of period |
|
|
|||||||||
| Cash, cash equivalents, and restricted cash at end of period | $ |
|
$ |
|
|||||||
| Supplemental disclosure of cash flow information: | |||||||||||
| Cash paid for interest during the period | $ |
|
$ |
|
|||||||
| Cash paid for income taxes during the period, net of refunds | $ |
(
|
$ |
(
|
|||||||
| ($ in millions) |
October 28,
2023 |
January 28,
2023 |
October 29,
2022 |
||||||||||||||
| Cash and cash equivalents, per Condensed Consolidated Balance Sheets | $ |
|
$ |
|
$ |
|
|||||||||||
| Restricted cash included in other current assets |
|
|
|
||||||||||||||
| Restricted cash included in other long-term assets |
|
|
|
||||||||||||||
| Total cash, cash equivalents, and restricted cash, per Condensed Consolidated Statements of Cash Flows | $ |
|
$ |
|
$ |
|
|||||||||||
| 13 Weeks Ended | 39 Weeks Ended | ||||||||||||||||||||||
| ($ in millions) | October 28, 2023 | October 29, 2022 | October 28, 2023 | October 29, 2022 | |||||||||||||||||||
| Store and franchise sales | $ |
|
$ |
|
$ |
|
$ |
|
|||||||||||||||
| Online sales (1) |
|
|
|
|
|||||||||||||||||||
| Total net sales | $ |
|
$ |
|
$ |
|
$ |
|
|||||||||||||||
| ($ in millions) | Old Navy Global | Gap Global | Banana Republic Global | Athleta Global | Other (2) | Total | ||||||||||||||||||||||||||||||||||||||
| 13 Weeks Ended October 28, 2023 | ||||||||||||||||||||||||||||||||||||||||||||
| U.S. (1) | $ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
||||||||||||||||||||||||||||||||
| Canada |
|
|
|
|
|
|
||||||||||||||||||||||||||||||||||||||
| Europe |
|
|
|
|
|
|
||||||||||||||||||||||||||||||||||||||
| Asia |
|
|
|
|
|
|
||||||||||||||||||||||||||||||||||||||
| Other regions |
|
|
|
|
|
|
||||||||||||||||||||||||||||||||||||||
| Total | $ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
||||||||||||||||||||||||||||||||
| ($ in millions) | Old Navy Global | Gap Global | Banana Republic Global | Athleta Global | Other (2) | Total | ||||||||||||||||||||||||||||||||||||||
| 13 Weeks Ended October 29, 2022 | ||||||||||||||||||||||||||||||||||||||||||||
| U.S. (1) | $ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
||||||||||||||||||||||||||||||||
| Canada |
|
|
|
|
|
|
||||||||||||||||||||||||||||||||||||||
| Europe |
|
|
|
|
|
|
||||||||||||||||||||||||||||||||||||||
| Asia |
|
|
|
|
|
|
||||||||||||||||||||||||||||||||||||||
| Other regions |
|
|
|
|
|
|
||||||||||||||||||||||||||||||||||||||
| Total | $ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
||||||||||||||||||||||||||||||||
| ($ in millions) | Old Navy Global | Gap Global | Banana Republic Global | Athleta Global | Other (2) | Total | ||||||||||||||||||||||||||||||||
| 39 Weeks Ended October 28, 2023 | ||||||||||||||||||||||||||||||||||||||
| U.S. (1) | $ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
||||||||||||||||||||||||||
| Canada |
|
|
|
|
|
|
||||||||||||||||||||||||||||||||
| Europe |
|
|
|
|
|
|
||||||||||||||||||||||||||||||||
| Asia |
|
|
|
|
|
|
||||||||||||||||||||||||||||||||
| Other regions |
|
|
|
|
|
|
||||||||||||||||||||||||||||||||
| Total | $ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
||||||||||||||||||||||||||
| ($ in millions) | Old Navy Global | Gap Global | Banana Republic Global | Athleta Global | Other (2) | Total | ||||||||||||||||||||||||||||||||
| 39 Weeks Ended October 29, 2022 | ||||||||||||||||||||||||||||||||||||||
| U.S. (1) | $ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
||||||||||||||||||||||||||
| Canada |
|
|
|
|
|
|
||||||||||||||||||||||||||||||||
| Europe |
|
|
|
|
|
|
||||||||||||||||||||||||||||||||
| Asia |
|
|
|
|
|
|
||||||||||||||||||||||||||||||||
| Other regions |
|
|
|
|
|
|
||||||||||||||||||||||||||||||||
| Total | $ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
||||||||||||||||||||||||||
|
13 Weeks Ended
October 28, 2023 |
39 Weeks Ended
October 28, 2023 |
||||||||||||||||||||||||||||||||||
| ($ in millions) | Cost of Goods Sold and Occupancy Expenses | Operating Expenses | Total Costs | Cost of Goods Sold and Occupancy Expenses | Operating Expenses | Total Costs | |||||||||||||||||||||||||||||
| Employee-related costs | $ |
|
$ |
(
|
$ |
(
|
$ |
|
$ |
|
$ |
|
|||||||||||||||||||||||
| Consulting and other associated costs |
|
|
|
|
|
|
|||||||||||||||||||||||||||||
| Total restructuring costs | $ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
|||||||||||||||||||||||
| ($ in millions) | Employee-Related Costs | Consulting and Other Associated Costs | Total | ||||||||||||||
| Balance at January 28, 2023 | $ |
|
$ |
|
$ |
|
|||||||||||
| 13 Weeks Ended April 29, 2023 | |||||||||||||||||
| Provision |
|
|
|
||||||||||||||
| Cash payments |
|
(
|
(
|
||||||||||||||
| Balance at April 29, 2023 |
|
|
|
||||||||||||||
| 13 Weeks Ended July 29, 2023 | |||||||||||||||||
| Provision |
|
|
|
||||||||||||||
| Cash payments |
(
|
(
|
(
|
||||||||||||||
| Balance at July 29, 2023 |
|
|
|
||||||||||||||
| 13 Weeks Ended October 28, 2023 | |||||||||||||||||
| Provision |
|
|
|
||||||||||||||
| Adjustments |
(
|
|
(
|
||||||||||||||
| Cash payments |
(
|
(
|
(
|
||||||||||||||
| Balance at October 28, 2023 | $ |
|
$ |
|
$ |
|
|||||||||||
| ($ in millions) |
October 28,
2023 |
January 28,
2023 |
October 29,
2022 |
||||||||||||||
| 2029 Notes | $ |
|
$ |
|
$ |
|
|||||||||||
| 2031 Notes |
|
|
|
||||||||||||||
| Less: Unamortized debt issuance costs |
(
|
(
|
(
|
||||||||||||||
| Total long-term debt | $ |
|
$ |
|
$ |
|
|||||||||||
| Scheduled Maturity ($ in millions) | Principal | Interest Rate | Interest Payments | ||||||||||||||
| October 1, 2029 (1) | $ |
|
|
% |
|
||||||||||||
| October 1, 2031 (2) |
|
|
% |
|
|||||||||||||
| Total issuance | $ |
|
|||||||||||||||
| Fair Value Measurements at Reporting Date Using | |||||||||||||||||||||||
| ($ in millions) | October 28, 2023 |
Quoted Prices in
Active Markets for Identical Assets (Level 1) |
Significant Other
Observable Inputs (Level 2) |
Significant
Unobservable Inputs (Level 3) |
|||||||||||||||||||
| Assets: | |||||||||||||||||||||||
| Cash equivalents | $ |
|
$ |
|
$ |
|
$ |
|
|||||||||||||||
| Derivative financial instruments |
|
|
|
|
|||||||||||||||||||
| Deferred compensation plan assets |
|
|
|
|
|||||||||||||||||||
| Other assets |
|
|
|
|
|||||||||||||||||||
| Total | $ |
|
$ |
|
$ |
|
$ |
|
|||||||||||||||
| Liabilities: | |||||||||||||||||||||||
| Derivative financial instruments | $ |
|
$ |
|
$ |
|
$ |
|
|||||||||||||||
| Fair Value Measurements at Reporting Date Using | |||||||||||||||||||||||
| ($ in millions) | January 28, 2023 |
Quoted Prices in
Active Markets for Identical Assets (Level 1) |
Significant Other
Observable Inputs (Level 2) |
Significant
Unobservable Inputs (Level 3) |
|||||||||||||||||||
| Assets: | |||||||||||||||||||||||
| Cash equivalents | $ |
|
$ |
|
$ |
|
$ |
|
|||||||||||||||
| Derivative financial instruments |
|
|
|
|
|||||||||||||||||||
| Deferred compensation plan assets |
|
|
|
|
|||||||||||||||||||
| Other assets |
|
|
|
|
|||||||||||||||||||
| Total | $ |
|
$ |
|
$ |
|
$ |
|
|||||||||||||||
| Liabilities: | |||||||||||||||||||||||
| Derivative financial instruments | $ |
|
$ |
|
$ |
|
$ |
|
|||||||||||||||
| Fair Value Measurements at Reporting Date Using | |||||||||||||||||||||||
| ($ in millions) | October 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 | $ |
|
$ |
|
$ |
|
$ |
|
|||||||||||||||
| Derivative financial instruments |
|
|
|
|
|||||||||||||||||||
| Deferred compensation plan assets |
|
|
|
|
|||||||||||||||||||
| Other assets |
|
|
|
|
|||||||||||||||||||
| Total | $ |
|
$ |
|
$ |
|
$ |
|
|||||||||||||||
| Liabilities: | |||||||||||||||||||||||
| Derivative financial instruments | $ |
|
$ |
|
$ |
|
$ |
|
|||||||||||||||
| ($ in millions) |
October 28,
2023 |
January 28,
2023 |
October 29,
2022 |
||||||||||||||
| Derivatives designated as cash flow hedges | $ |
|
$ |
|
$ |
|
|||||||||||
| Derivatives not designated as hedging instruments |
|
|
|
||||||||||||||
| Total | $ |
|
$ |
|
$ |
|
|||||||||||
| ($ in millions) |
October 28,
2023 |
January 28,
2023 |
October 29,
2022 |
||||||||||||||
| Derivatives designated as cash flow hedges: | |||||||||||||||||
| Other current assets | $ |
|
$ |
|
$ |
|
|||||||||||
| Other long-term assets |
|
|
|
||||||||||||||
| Accrued expenses and other current liabilities |
|
|
|
||||||||||||||
| Other long-term liabilities |
|
|
|
||||||||||||||
| Derivatives not designated as hedging instruments: | |||||||||||||||||
| Other current assets |
|
|
|
||||||||||||||
| Accrued expenses and other current liabilities |
|
|
|
||||||||||||||
| Total derivatives in an asset position | $ |
|
$ |
|
$ |
|
|||||||||||
| Total derivatives in a liability position | $ |
|
$ |
|
$ |
|
|||||||||||
|
Location and Amount of Gain
Recognized in Net Income |
|||||||||||||||||||||||
|
13 Weeks Ended
October 28, 2023 |
13 Weeks Ended
October 29, 2022 |
||||||||||||||||||||||
| ($ 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 | $ |
|
$ |
|
$ |
|
$ |
|
|||||||||||||||
|
Gain recognized in net income
|
|||||||||||||||||||||||
| Derivatives designated as cash flow hedges |
(
|
|
(
|
|
|||||||||||||||||||
| Derivatives not designated as hedging instruments |
|
(
|
|
(
|
|||||||||||||||||||
|
Total gain recognized in net income
|
$ |
(
|
$ |
(
|
$ |
(
|
$ |
(
|
|||||||||||||||
|
Location and Amount of Gain
Recognized in Net Income |
|||||||||||||||||||||||
|
39 Weeks Ended
October 28, 2023 |
39 Weeks Ended
October 29, 2022 |
||||||||||||||||||||||
| ($ in millions) | Cost of goods sold and occupancy expense | Operating expenses | Cost of goods sold and occupancy expense | Operating expenses | |||||||||||||||||||
| Total amount of expense line items presented in the Condensed Consolidated Statements of Operations in which the effects of derivatives are recorded | $ |
|
$ |
|
$ |
|
$ |
|
|||||||||||||||
|
Gain recognized in net income
|
|||||||||||||||||||||||
| Derivatives designated as cash flow hedges |
(
|
|
(
|
|
|||||||||||||||||||
| Derivatives not designated as hedging instruments |
|
(
|
|
(
|
|||||||||||||||||||
|
Total gain recognized in net income
|
$ |
(
|
$ |
(
|
$ |
(
|
$ |
(
|
|||||||||||||||
| 13 Weeks Ended | 39 Weeks Ended | ||||||||||||||||||||||
| ($ and shares in millions except average per share cost) |
October 28,
2023 |
October 29,
2022 |
October 28,
2023 |
October 29,
2022 |
|||||||||||||||||||
| Number of shares repurchased (1) |
|
|
|
|
|||||||||||||||||||
| Total cost | $ |
|
$ |
|
$ |
|
$ |
|
|||||||||||||||
| Average per share cost including commissions | $ |
|
$ |
|
$ |
|
$ |
|
|||||||||||||||
| 13 Weeks Ended | 39 Weeks Ended | ||||||||||||||||||||||
| (shares in millions) |
October 28,
2023 |
October 29,
2022 |
October 28,
2023 |
October 29,
2022 |
|||||||||||||||||||
| Weighted-average number of shares - basic |
|
|
|
|
|||||||||||||||||||
|
Common stock equivalents
|
|
|
|
|
|||||||||||||||||||
| Weighted-average number of shares - diluted |
|
|
|
|
|||||||||||||||||||
| 13 Weeks Ended | 39 Weeks Ended | ||||||||||||||||||||||
|
October 28,
2023 |
October 29,
2022 |
October 28,
2023 |
October 29,
2022 |
||||||||||||||||||||
| Old Navy Global | 1 | % | (1) | % | (2) | % | (13) | % | |||||||||||||||
| Gap Global | (1) | % | 4 | % | — | % | (4) | % | |||||||||||||||
| Banana Republic Global | (8) | % | 10 | % | (8) | % | 14 | % | |||||||||||||||
| Athleta Global | (19) | % | — | % | (13) | % | (5) | % | |||||||||||||||
| The Gap, Inc. | (2) | % | 1 | % | (3) | % | (8) | % | |||||||||||||||
| January 28, 2023 | 39 Weeks Ended October 28, 2023 | October 28, 2023 | ||||||||||||||||||||||||||||||
|
Number of
Store Locations |
Number of
Stores Opened |
Number of
Stores Closed |
Number of
Store Locations |
Square Footage
(in millions) |
||||||||||||||||||||||||||||
| Old Navy North America | 1,238 | 24 | 11 | 1,251 | 19.9 | |||||||||||||||||||||||||||
| Gap North America | 493 | 1 | 14 | 480 | 5.1 | |||||||||||||||||||||||||||
| Gap Asia (1) | 232 | 1 | 7 | 137 | 1.2 | |||||||||||||||||||||||||||
| Banana Republic North America | 419 | 2 | 13 | 408 | 3.4 | |||||||||||||||||||||||||||
| Banana Republic Asia | 46 | 4 | 2 | 48 | 0.2 | |||||||||||||||||||||||||||
| Athleta North America | 257 | 24 | 7 | 274 | 1.1 | |||||||||||||||||||||||||||
| Company-operated stores total | 2,685 | 56 | 54 | 2,598 | 30.9 | |||||||||||||||||||||||||||
| Franchise (1) | 667 | 219 | 85 | 935 | N/A | |||||||||||||||||||||||||||
| Total | 3,352 | 275 | 139 | 3,533 | 30.9 | |||||||||||||||||||||||||||
| Increase (decrease) over prior year | 4.5 | % | (4.6) | % | ||||||||||||||||||||||||||||
| January 29, 2022 | 39 Weeks Ended October 29, 2022 | October 29, 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 (2)
|
1,252 | 25 | 6 | 1,247 | 20.0 | |||||||||||||||||||||||||||
| Gap North America | 520 | 2 | 18 | 504 | 5.4 | |||||||||||||||||||||||||||
| Gap Asia | 329 | 4 | 74 | 259 | 2.2 | |||||||||||||||||||||||||||
|
Gap Europe (3)
|
11 | — | — | — | — | |||||||||||||||||||||||||||
| Banana Republic North America | 446 | 2 | 15 | 433 | 3.6 | |||||||||||||||||||||||||||
| Banana Republic Asia | 50 | 2 | 3 | 49 | 0.2 | |||||||||||||||||||||||||||
| Athleta North America | 227 | 29 | 5 | 251 | 1.0 | |||||||||||||||||||||||||||
| Company-operated stores total | 2,835 | 64 | 121 | 2,743 | 32.4 | |||||||||||||||||||||||||||
|
Franchise (2) (3)
|
564 | 77 | 39 | 637 | N/A | |||||||||||||||||||||||||||
| Total | 3,399 | 141 | 160 | 3,380 | 32.4 | |||||||||||||||||||||||||||
| Decrease over prior year | (2.3) | % | (3.9) | % | ||||||||||||||||||||||||||||
|
|
13 Weeks Ended | 39 Weeks Ended | |||||||||||||||||||||
| ($ in millions) |
October 28,
2023 |
October 29,
2022 |
October 28,
2023 |
October 29,
2022 |
|||||||||||||||||||
| Cost of goods sold and occupancy expenses | $ | 2,211 | $ | 2,530 | $ | 6,488 | $ | 7,438 | |||||||||||||||
| Gross profit | $ | 1,556 | $ | 1,509 | $ | 4,103 | $ | 3,935 | |||||||||||||||
|
Cost of goods sold and occupancy expenses as a percentage of net sales
|
58.7 | % | 62.6 | % | 61.3 | % | 65.4 | % | |||||||||||||||
| Gross margin | 41.3 | % | 37.4 | % | 38.7 | % | 34.6 | % | |||||||||||||||
|
|
13 Weeks Ended | 39 Weeks Ended | |||||||||||||||||||||
| ($ in millions) |
October 28,
2023 |
October 29,
2022 |
October 28,
2023 |
October 29,
2022 |
|||||||||||||||||||
| Operating expenses | $ | 1,306 | $ | 1,323 | $ | 3,757 | $ | 3,974 | |||||||||||||||
| Operating expenses as a percentage of net sales | 34.7 | % | 32.8 | % | 35.5 | % | 34.9 | % | |||||||||||||||
| Operating margin | 6.6 | % | 4.6 | % | 3.3 | % | (0.3) | % | |||||||||||||||
|
|
13 Weeks Ended | 39 Weeks Ended | |||||||||||||||||||||
| ($ in millions) |
October 28,
2023 |
October 29,
2022 |
October 28,
2023 |
October 29,
2022 |
|||||||||||||||||||
| Interest expense | $ | 28 | $ | 22 | $ | 66 | $ | 63 | |||||||||||||||
|
|
13 Weeks Ended | 39 Weeks Ended | |||||||||||||||||||||
| ($ in millions) |
October 28,
2023 |
October 29,
2022 |
October 28,
2023 |
October 29,
2022 |
|||||||||||||||||||
| Interest income | $ | (28) | $ | (4) | $ | (58) | $ | (6) | |||||||||||||||
|
|
13 Weeks Ended | 39 Weeks Ended | |||||||||||||||||||||
| ($ in millions) |
October 28,
2023 |
October 29,
2022 |
October 28,
2023 |
October 29,
2022 |
|||||||||||||||||||
| Income taxes | $ | 32 | $ | (114) | $ | 21 | $ | (167) | |||||||||||||||
| Effective tax rate | 12.8 | % | (67.9) | % | 6.2 | % | 174.0 | % | |||||||||||||||
| 39 Weeks Ended | |||||||||||
| ($ in millions) |
October 28,
2023 |
October 29,
2022 |
|||||||||
| Net cash provided by (used for) operating activities | $ | 832 | $ | (112) | |||||||
| Less: Purchases of property and equipment | (288) | (577) | |||||||||
| Free cash flow | $ | 544 | $ | (689) | |||||||
| 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 August 15, 2022) | 10-Q | 1-7562 | 3.3 | August 26, 2022 | ||||||||||||||||||||||||||||||||||
|
Amendment, dated August 17, 2023, to Letter Agreement dated August 1, 2022 by and between Bob L. Martin and the Registrant
|
X
|
|||||||||||||||||||||||||||||||||||||
| 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 October 28, 2023, 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, (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: | November 21, 2023 | By | /s/ Richard Dickson | ||||||||
| Richard Dickson | |||||||||||
| President and Chief Executive Officer | |||||||||||
|
(Principal Executive Officer)
|
|||||||||||
| Date: | November 21, 2023 | By | /s/ Katrina O'Connell | ||||||||
| Katrina O'Connell | |||||||||||
| Executive Vice President and Chief Financial Officer | |||||||||||
|
(Principal Financial and Accounting Officer)
|
|||||||||||
No information found
* THE VALUE IS THE MARKET VALUE AS OF THE LAST DAY OF THE QUARTER FOR WHICH THE 13F WAS FILED.
| FUND | NUMBER OF SHARES | VALUE ($) | PUT OR CALL |
|---|
| DIRECTORS | AGE | BIO | OTHER DIRECTOR MEMBERSHIPS |
|---|---|---|---|
Biography: • Managing Director of Pisces, Inc. since 2010. Interim President and Chief Executive Officer of Gap Inc. from January 2007 to August 2007 and November 2019 to March 2020. Chair of the Board of Gap Inc. from 2004 to August 2007 and February 2015 to March 2020. Executive of Gap Inc. from 1992 to 1999. Various positions with Gap Inc. from 1980 to 1992. Experience: • Mr. Fisher has vast retail business experience specific to Gap Inc. and its global operations, as a result of his many years serving in a variety of high-level positions at the Company. His previous leadership and oversight roles at Gap Inc. provide him with a deep understanding and unique insight into the Company’s organizational and operational structure. In addition, Mr. Fisher brings strong leadership to the Board based on perspective gained from his previous management roles and as a key member of the founding family and significant shareholder. | |||
Biography: • Chief Executive Officer of SonarSource SA, an open source enterprise software company developing artificial intelligence and analytical solutions to improve the quality and security of software, since August 2023. President of Bumble Inc. from 2020 to 2023. President, Google Cloud at Google LLC from 2016 to 2020. Chief Commercial Officer of Caesars Entertainment Corporation from 2014 to 2016, after joining the company in 2012 as Chief Marketing Officer (Caesars Entertainment Operating Company, Inc., a subsidiary of Caesars Entertainment Corporation, and for which Mr. Shaukat served as an executive officer, filed voluntary petitions for relief under Chapter 11 in 2015). Prior to Caesars, Mr. Shaukat was a Partner at McKinsey & Company focused on consumer businesses in the travel, financial services, media and technology industries. Experience: • As the Chief Executive Officer of SonarSource, and as the former President of Bumble, President of Google Cloud, and Chief Commercial Officer and Chief Marketing Officer of Caesars, Mr. Shaukat brings extensive experience in overseeing finance, legal, operations, revenue management, marketing, information technology, analytics and machine learning initiatives. He also brings to the Board his leadership experience in these roles, as well as his other prior roles as a Partner at McKinsey & Company and at various technology companies. | |||
Biography: • Former Executive Vice President at The Walt Disney Company’s Disney ABC Television Group from 2014 to 2016, overseeing strategy and programming for ABC Family’s Freeform channel. Various senior executive roles at Comcast NBCUniversal from 2003 to 2014, including President of Style Network from 2008 to 2013. Senior executive at Viacom from 1993 to 2002, including serving as a senior executive within MTV Networks International Division and supporting Nickelodeon’s global expansion in Europe, Asia, and Latin America. Experience: • Ms. Coleman Smith has over 20 years of media and entertainment industry experience at three global companies. She also brings experience in strategy and change management, having lead organizations through periods of significant transformation and growth. Additionally, she has substantial insights from her experience supporting inclusion and belonging at the management level in the media industry. | |||
Biography: • Managing Director of Pisces, Inc. since 2010. Interim President and Chief Executive Officer of Gap Inc. from January 2007 to August 2007 and November 2019 to March 2020. Chair of the Board of Gap Inc. from 2004 to August 2007 and February 2015 to March 2020. Executive of Gap Inc. from 1992 to 1999. Various positions with Gap Inc. from 1980 to 1992. Experience: • Mr. Fisher has vast retail business experience specific to Gap Inc. and its global operations, as a result of his many years serving in a variety of high-level positions at the Company. His previous leadership and oversight roles at Gap Inc. provide him with a deep understanding and unique insight into the Company’s organizational and operational structure. In addition, Mr. Fisher brings strong leadership to the Board based on perspective gained from his previous management roles and as a key member of the founding family and significant shareholder. | |||
Biography: • President and Chief Executive Officer of Gap Inc. since August 2023. President and Chief Operating Officer of Mattel, Inc., a leading global toy company, from 2015 to 2023. Chief Brands Officer of Mattel, Inc. from 2014 to 2015. President and Chief Executive Officer, Branded Businesses of The Jones Group (now Premier Brands Group Holdings), which owned a portfolio of premier apparel, footwear, and accessories brands, from 2010 to 2014. Various senior executive roles at Mattel, Inc. from 2000 to 2010. Experience: • As the current President and Chief Executive Officer of Gap Inc., and with more than two decades in senior leadership roles across fashion, beauty, retail, toys and entertainment, Mr. Dickson brings extensive retail and e-commerce, operations, leadership, financial, and global business experience to the Board. In addition, he brings expertise in brand rejuvenation, digital transformation, and performance improvement, having led Mattel’s revitalization into a culturally relevant and highly innovative company. | |||
Biography: • Former Chairman of Exelon Corporation, an energy company, from 2013 to 2022, and Executive Chairman of Exelon Corporation from 2012 to 2013. Chairman, Chief Executive Officer, and President of Constellation Energy Group from 2002 to 2012. Mr. Shattuck also has extensive experience in the financial services industry. Experience: • With his experience as a director of four other public companies, as the former Chief Executive Officer of Constellation Energy Group, and as the former Executive and Non-Executive Chairman of Exelon Corporation, Mr. Shattuck brings extensive leadership experience as well as expertise in risk oversight, financial literacy and reporting, corporate governance, and compliance. | |||
Biography: • Former Chief Executive Officer of Publicis Spine, a division of Publicis Groupe, one of the largest marketing companies in the world, and a member of the Publicis Groupe Management Committee from 2017 to 2020. Global Brand President of Starcom Worldwide from 2016 to 2017. Chief Executive Officer of Starcom USA from 2009 to 2016. Experience: • With over 30 years of global marketing experience, including as the former Chief Executive Officer of two leading marketing agencies, Ms. Donohue brings extensive expertise in global consumer, data, and digital marketing leadership. In addition, she brings experience in advising companies on their holistic marketing strategies and helping them navigate shifts into digital and data driven marketing economies. | |||
Chris Blakeslee President & Chief Executive Officer, Athleta | |||
Biography: • Chief Executive Officer, International at Starbucks Corporation since 2024. Executive Vice President, Global Chief Marketing Officer of Starbucks Corporation from 2020 to 2024. Senior Vice President, Digital Customer Experience at Starbucks Corporation from 2019 to 2020, and Chief Operating Officer, Starbucks Japan at Starbucks Corporation from 2016 to 2019. Mr. Brewer previously held various senior roles at Starbucks Corporation focused on marketing, brand, product, loyalty, store design, and digital. Experience: • With more than twenty years of experience at Starbucks across marketing, digital customer experience innovation, food and beverage, research, development and engineering, creative and brand management, consumer insights, data analytics, and sustainability, Mr. Brewer has expertise leading initiatives that enhance the retail customer experience and brand loyalty, while achieving operational efficiencies. Mr. Brewer also has extensive international experience, including in his current role as Chief Executive Officer, International at Starbucks, where he is responsible for teams across Asia Pacific, Europe, the Middle East, Africa, Japan, Latin America and the Caribbean, as well as global channel development and consumer packaged goods, and Starbucks’ international licensing partners. | |||
Biography: • Former Chief Executive Officer of Regal Entertainment Group, a leading theater chain, from 2009 to 2018, and Chair of the Board of Regal Entertainment Group from 2015 to 2018. Executive Vice President, Chief Financial Officer and Treasurer of Regal Entertainment Group from 2002 to 2009. Experience: • As a former Chair, Chief Executive Officer and Chief Financial Officer, Ms. Miles brings extensive finance, accounting, and management experience to the Board. In addition, she brings expertise in information technology, marketing, and strategic planning. |
|
Name and
Principal Position in 2024 |
Fiscal
Year |
Salary
($) |
Bonus
($) |
Stock
Awards ($) |
Option
Awards ($) |
Non-Equity
Incentive Plan Compensation ($) |
Change in
Pension Value and Nonqualified Deferred Compensation Earnings ($) |
All Other
Compensation ($) |
Total
($) |
||||||||||||||||||||
| Richard Dickson |
2024
|
1,400,000 | 175,000 | 12,281,658 | — | 5,180,000 | — | 390,188 | 19,426,846 | ||||||||||||||||||||
| President and CEO, Gap Inc. | 2023 | 697,159 | — | 11,542,892 | — | 1,802,511 | — | 322,446 | 14,365,008 | ||||||||||||||||||||
| Katrina O'Connell |
2024
|
900,000 | — | 4,281,618 | — | 2,700,000 | — | 67,744 | 7,949,362 | ||||||||||||||||||||
| EVP and CFO, Gap Inc. | 2023 | 914,615 | — | 3,314,782 | — | 2,557,510 | — | 67,682 | 6,854,589 | ||||||||||||||||||||
| 2022 | 866,538 | — | 2,521,291 | 638,980 | — | — | 61,280 | 4,088,089 | |||||||||||||||||||||
| Horacio Barbeito |
2024
|
1,084,615 | 1,187,500 | 6,728,281 | — | 3,253,022 | — | 501,416 | 12,754,834 | ||||||||||||||||||||
| President and CEO, Old Navy | 2023 | 1,019,230 | 1,187,500 | 2,951,030 | — | 2,595,611 | — | 307,619 | 8,060,990 | ||||||||||||||||||||
| 2022 | 500,000 | 745,879 | 5,419,394 | — | — | — | 148,197 | 6,813,470 | |||||||||||||||||||||
| Mark Breitbard |
2024
|
1,100,000 | — | 4,281,618 | — | 3,300,000 | — | 74,369 | 8,755,987 | ||||||||||||||||||||
| President and CEO, Gap Brand | 2023 | 1,121,154 | — | 2,295,250 | — | 3,300,000 | — | 74,793 | 6,791,197 | ||||||||||||||||||||
| 2022 | 1,100,000 | — | 2,521,291 | 638,980 | — | — | 74,194 | 4,334,465 | |||||||||||||||||||||
| Chris Blakeslee |
2024
|
950,000 | 450,000 | 3,975,776 | — | 1,239,750 | — | 305,721 | 6,921,247 | ||||||||||||||||||||
| President and CEO, Athleta | 2023 | 475,000 | — | 8,092,183 | — | 855,398 | — | 287,055 | 9,709,636 | ||||||||||||||||||||
No Customers Found
Suppliers
| Supplier name | Ticker |
|---|---|
| NIKE, Inc. | NKE |
| Lululemon Athletica Inc. | LULU |
| Deckers Outdoor Corporation | DECK |
| Public Storage | PSA |
| V.F. Corporation | VFC |
| Avery Dennison Corporation | AVY |
| Levi Strauss & Co. | LEVI |
Price
Yield
| Owner | Position | Direct Shares | Indirect Shares |
|---|---|---|---|
| FISHER ROBERT J | - | 12,972,700 | 3,329,500 |
| FISHER WILLIAM SYDNEY | - | 10,937,500 | 15,000 |
| FISHER JOHN J | - | 3,120,240 | 20,000 |
| MARTIN BOB L | - | 859,843 | 0 |
| Breitbard Mark | - | 135,108 | 0 |
| Breitbard Mark | - | 123,985 | 0 |
| Blakeslee Chris | - | 72,039 | 0 |
| Saksena Asheesh | - | 62,923 | 0 |
| DICKSON RICHARD | - | 52,864 | 0 |
| STANGL SANDRA | - | 43,401 | 0 |
| MILES AMY E | - | 30,070 | 0 |
| Gruber Julie | - | 24,375 | 0 |
| Thompson Amanda J | - | 14,691 | 0 |
| Gilligan Sarah | - | 11,741 | 0 |
| Gilligan Sarah | - | 8,851 | 0 |
| Donohue Elisabeth B | - | 4,000 | 0 |
| Gruber Julie | - | 1,384 | 0 |
| Barbeito Horacio | - | 308 | 0 |
| O'Connell Katrina | - | 0 | 670 |