Fiscal year ending cash, cash equivalents, and short-term investments balance of $2.4 billion<\/i><\/p>\n
SAN FRANCISCO–(BUSINESS WIRE<\/a>)–Gap Inc<\/a>. (NYSE: GPS), a collection of purpose-led, lifestyle brands including Old Navy, Gap, Banana Republic and Athleta, and the largest specialty apparel company in the U.S., reported its financial results for the fourth quarter and fiscal year 2020, ending January 30th, 2021.\n<\/p>\n This press release features multimedia. View the full release here: https:\/\/www.businesswire.com\/news\/home\/20210304006013\/en\/<\/a><\/p>\n Gap Inc. Q4 + 2020 Highlights (Graphic: Business Wire)<\/p>\n<\/div>\n \nThe company\u2019s diluted earnings per share was $0.61 for the fourth quarter of fiscal year 2020, including approximately $0.45 for non-recurring tax benefits and approximately $0.12 in impairment charges related to the Intermix business resulting from a strategic review.\n<\/p>\n \n\u201cWe faced one of the most difficult years in our company\u2019s history and, throughout, our teams showed resilience and determination as we navigated unprecedented disruption in our industry to set a course for long-term growth. Our powerful brands moved to offense with purpose-led marketing and strength in relevant categories, like Active and Fleece, allowing us to gain meaningful market share quarter-over-quarter in a fragmented environment. This was enabled by our $6 billion online business and advantaged digital capabilities allowing us to expand our reach to more than 183 million customers this year,\u201d said Sonia Syngal, Chief Executive Officer, Gap Inc. \u201cWe are focused on executing against our Power Plan 2023 and delivering profitable growth in 2021.\u201d\n<\/p>\n Fiscal Year 2020 Business Highlights <\/span><\/p>\n \nFull year 2020 financial results can be found in the tables at the end of this press release.\n<\/p>\n Fourth Quarter 2020 Results<\/b><\/p>\n This press release includes the non-GAAP measures adjusted operating expenses and adjusted operating income. Please see the reconciliation of these measures from the most directly comparable GAAP financial measures in the tables at the end of this press release.<\/i><\/p>\n \nFourth quarter fiscal year 2020 net sales were $4.4 billion, a decrease of 5% compared with last year. COVID-mandated store closures in international markets and softer store traffic in select U.S. regions with stay-at-home restrictions impacted sales by an estimated 4 percentage points. In addition, strategically planned permanent store closures had an estimated sales impact of about 5 percentage points.\n<\/p>\n \nOnline sales grew 49% compared with last year. Online represented 46% of net sales in the fourth quarter, which was an increase of over 17 percentage points versus last year. Store sales declined by 28% in the quarter, with impacts from COVID and strategic closures noted above.\n<\/p>\n \nComparable sales for the quarter were flat. The comparable sales calculation reflects online sales and comparable sales days in stores that were open.\n<\/p>\n \nNet sales and comparable sales by brand for the fourth quarter 2020 compared to the fourth quarter 2019 were as follows:\n<\/p>\n \nGross margin was 37.7%, an increase of 190 basis points versus last year, well ahead of the company\u2019s prior outlook of being flat versus the year-ago quarter. Rent, occupancy and depreciation savings leveraged 400 basis points, as online sales increased and as the company continued to close unprofitable stores, favorably settle lease liabilities and derive benefit from rent negotiations.\n<\/p>\n \nMerchandise margins deleveraged 210 basis points driven by 300 basis points of higher shipping costs associated with increased online sales and carrier surcharges. There were also increases in freight costs that put pressure on the product margin, but despite these increases product margin expanded due to lower promotional activities.\n<\/p>\n \nReported operating expenseswere $1.5 billion or 34.7% of sales, a decrease of 640 basis points compared with last year. The significant leverage versus prior year is primarily related to charges of $501 million last year in flagship store impairment and costs related to the previously planned separation of Old Navy.\n<\/p>\n \nThe company noted it is undergoing a strategic review of its Intermix business. As a result, the company recorded a $56 million impairment charge related to the Intermix trade name as well as store and operating lease assets.\n<\/p>\n \nExcluding the impact of impairment charges during the quarter related to Intermix, adjusted operating expenses were 33.4% of sales, in line with the prior guidance range of 33-34% of sales. Store expense savings largely offset the investment in demand generation, with the nominal increase in expenses over last year being mostly driven by real estate termination fees and higher distribution center costs.\n<\/p>\n \nReported operating income was $134 million, or 3.0% of sales, leveraging 820 basis points versus last year\u2019s operating margin, due to prior year flagship store impairments and separation-related costs. Adjusted operating income, excluding the $56 million impairment charge for Intermix, was $190 million, or 4.3% of sales, a decrease of 160 basis points compared with adjusted operating income for the fourth quarter fiscal year 2019.\n<\/p>\n \nThe effective tax rate was negative 204% for the fourth quarter of fiscal year 2020. The fourth quarter effective tax rate primarily reflects changes in the estimated benefit associated with the enactment of the Coronavirus Aid, Relief, and Economic Security (CARES) Act and non-recurring tax benefits related to legal entity structure changes that occurred in the quarter. The non-recurring tax items in the quarter delivered a benefit of approximately $0.45 of EPS.\n<\/p>\n \nThe effective tax rate for fiscal year 2020 was 40%. The fiscal year 2020 effective tax rate reflects the estimated benefit associated with the enactment of the Coronavirus Aid, Relief, and Economic Security (CARES) Act and non-recurring tax benefits related to legal entity structure changes. Excluding these items, there would be a decrease in the effective tax rate of approximately 21 percentage points.\n<\/p>\n Balance Sheet<\/b><\/p>\n \nGap Inc. ended fiscal year 2020 with $2.4 billion in cash, cash equivalents, and short-term investments, compared to $1.7 billion at the end of fiscal year 2019, providing sufficient liquidity to address remaining challenges from the COVID pandemic, support the company\u2019s long-term growth strategy, and return cash to shareholders.\n<\/p>\n \nAs of the end of fiscal year 2020, while Gap Inc. inventory was up 14% versus the year-ago quarter, markdown inventory ownership was below last year. Despite the higher year over year inventory, the company is pleased with its current inventory composition and is confident that first half assortments and the quality of the inventory composition will enable product margins in the first half of 2021 to be above last year\u2019s levels.\n<\/p>\n \nThe increase in inventory was driven primarily by:\n<\/p>\n \nFull year free cash flow, defined as net cash from operating activities less purchases of property and equipment, was negative $155 million compared with positive $709 million last year. Following the pinnacle of the COVID impact during the first quarter of fiscal year 2020, free cash flow during the last three quarters of the year was approximately $900 million.\n<\/p>\n \nPlease see the reconciliation of free cash flow, a non-GAAP financial measure, in the tables at the end of this press release.\n<\/p>\n \nCapital expenditures were $392 million compared to $702 million last year, reflecting reduced spending in light of COVID, including a reduction in store capital spending of over 50%.\n<\/p>\n \nGap Inc. ended the year with 3,715 store locations in 45 countries, of which 3,100 were company operated. This compares to 3,345 company-operated stores at the end of last year.\n<\/p>\n Fiscal Year 2021 Financial Outlook<\/b><\/p>\n \nDespite the uncertainty remaining as a result of COVID, the company is providing a fiscal year 2021 financial outlook. This outlook is informed by known COVID conditions and does not incorporate potential unknown and future impacts, including possible further spread in other regions, meaningful deterioration from current trends, and potential disruption from any supply-chain impacts. In addition, this outlook does not include any financial impacts stemming from ongoing strategic reviews, including our Europe and Intermix businesses.\n<\/p>\n \nFor fiscal year 2021, the company expects diluted earnings per share to be in the range of $1.20 to $1.35.\n<\/p>\n \nThe company provided the following additional guidance:\n<\/p>\n \n\u201cI\u2019m very pleased with our strong finish to the fiscal year even in the face of uncertainty from the ongoing pandemic,\u201d said Katrina O\u2019Connell, Chief Financial Officer, Gap Inc. \u201cOur sequentially-improving performance, financial discipline and focus on operational excellence have given us confidence in our ability to execute our strategies in 2021, as reflected in the guidance we provided today. And, consistent with Power Plan 2023, we are focused on sales growth, further advancement on fleet restructuring initiatives, customer-facing investments, digital technologies to support our fast-growing online business, and brand marketing in support of our long-term growth aspirations.\u201d\n<\/p>\n Webcast and Conference Call Information<\/b><\/p>\n \nSteve Austenfeld, Head of Investor Relations at Gap Inc., will host a summary of the company\u2019s fourth quarter fiscal year 2020 results during a conference call and webcast from approximately 2:00 p.m. to 3:00 p.m. Pacific Time today. Mr. Austenfeld will be joined by Chief Executive Officer Sonia Syngal and Chief Financial Officer Katrina O\u2019Connell.\n<\/p>\n \nThe conference call can be accessed by calling 1-855-5000-GPS or 1-855-500-0477 (participant passcode: 1582503). International callers may dial 1-323-794-2078. The webcast can be accessed at investors.gapinc.com<\/a>.\n<\/p>\n Forward-Looking Statements <\/b><\/p>\n \nThis press release and related conference call and webcast contain forward-looking statements within the \u201csafe harbor\u201d 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 \u201cexpect,\u201d \u201canticipate,\u201d \u201cbelieve,\u201d \u201cestimate,\u201d \u201cintend,\u201d \u201cplan,\u201d \u201cproject,\u201d and similar expressions also identify forward-looking statements. Forward-looking statements include statements regarding the following: our ability to deliver profitable growth in 2021; our ability to align Banana Republic inventory with demand; our expectation that the cash ended fiscal year 2020 provides sufficient liquidity to address remaining challenges from the COVID pandemic, support the company\u2019s long-term growth strategy, and return cash to shareholders; our expectation that the first half assortments and the quality of the inventory composition will enable product margins in the first half of 2021 to be above last year\u2019s levels; our ability to meet our target that Old Navy and Athleta sales will represent 70% of our company sales by the end of 2023; the timing of the launch of the YZY partnership the impact of entering into several licensing deals in our Europe market our apparel market share gain; earnings per share in 2021; Athleta achieving $2B in sales by the end of 2023; product margins in the first half of 2021; the impact of our ability to leverage our responsive supply chain to adjust replenishment Gap and Banana Republic store closures in North America in 2021; operating margin in 2021; annual effective tax rate in fiscal year 2021; EBIT margin by the end of 2023; continuing to invest in growth in 2021; reintroducing inventory held back in 2020 for sale during the first half of fiscal year 2021; our ability to annualize pretax savings of approximately $100M at the end of 2023; our ability to use our cash as currently planned; Old Navy and Athleta store openings in 2021; targeted closures of North American stores by the end of fiscal year 2021; capital expenditures in fiscal year 2021; and initiating a regular quarterly dividend.\n<\/p>\n \nBecause these forward-looking statements involve risks and uncertainties, there are important factors that could cause the company\u2019s 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 the company\u2019s financial condition, results of operations, and reputation: the risk that additional information may arise during the company\u2019s close process or as a result of subsequent events that would require the company to make adjustments to its financial information; the risk that we or our franchisees will be unsuccessful in gauging apparel trends and changing consumer preferences; 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 failure to maintain, enhance and protect our brand image could have an adverse effect on our results of operations; the risk that the failure to manage key executive succession and retention and to continue to attract qualified personnel could have an adverse impact on our results of operations; the risk that our investments in customer, digital, and omni-channel shopping initiatives may not deliver the results we anticipate; the risk that if we are unable to manage our inventory effectively, our gross margins will be adversely affected; the risks to our business, including our costs and supply chain, associated with global sourcing and manufacturing; the risk that we are subject to data or other security breaches that may result in increased costs, violations of law, significant legal and financial exposure, and a loss of confidence in our security measures, which could have an adverse effect on our results of operations and our reputation; the risk that a failure of, or updates or changes to, our information technology systems may disrupt our operations; the risk that changes in global economic conditions or consumer spending patterns could adversely impact our results of operations; the risks to our efforts to expand internationally, including our ability to operate in regions where we have less experience; the risk that we or our franchisees will be unsuccessful in identifying, negotiating, and securing new store locations and renewing, modifying, or terminating leases for existing store locations effectively; the risks to our reputation or operations associated with importing merchandise from foreign countries, including failure of our vendors to adhere to our Code of Vendor Conduct; the risk that our franchisees\u2019 operation of franchise stores is not directly within our control and 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 and adversely affect our business, financial condition, and results of operations; the risk that foreign currency exchange rate fluctuations could adversely impact our financial results; the risk that comparable sales and margins will experience fluctuations; the risk that changes in our credit profile or deterioration in market conditions may limit our access to the capital markets and adversely impact our financial results or our business initiatives; the risk that changes in the regulatory or administrative landscape could adversely affect our financial condition and results of operations; the risk that natural disasters, public health crises, including the ongoing COVID-19 pandemic, political crises, negative global climate patterns, or other catastrophic events could adversely affect our operations and financial results, or those of our franchisees or vendors; the risk that reductions in income and cash flow from our credit card arrangement related to our private label and co-branded credit cards could adversely affect our operating results and cash flows; 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 we will not be successful in defending various proceedings, lawsuits, disputes, and claims.\n<\/p>\n \nAdditional information regarding factors that could cause results to differ can be found in the company\u2019s Quarterly Report on Form 10-Q filed with the Securities and Exchange Commission on June 9, 2020, as well as the company\u2019s subsequent filings with the Securities and Exchange Commission.\n<\/p>\n \nThese forward-looking statements are based on information as of March 4, 2021. The company assumes no obligation to publicly update or revise its forward-looking statements even if experience or future changes make it clear that any projected results expressed or implied therein will not be realized.\n<\/p>\n About Gap Inc.<\/b><\/p>\n \nGap 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<\/a>, Gap<\/a>, Banana Republic<\/a>, Athleta<\/a>, Intermix<\/a>, and Janie and Jack<\/a> 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 2020 net sales were $13.8 billion. For more information, please visit www.gapinc.com<\/a>.\n<\/p>\n 1<\/sup> 183 million refers to total number of recognized customers directly accessible for marketing outreach as of the end of fiscal year 2020\n<\/p>\n 2<\/sup> The NPD Group \/ Consumer Tracking Service \/ U.S. Dollar Share, 12 months ending January 2021\n<\/p>\n 3<\/sup> The NPD Group \/ Consumer Tracking Service \/ U.S. Dollar Share, 3 months ending January 2021\n<\/p>\n \n$\n<\/p>\n<\/td>\n \n1,988\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n1,364\n<\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n \n410\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n290\n<\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n \n2,451\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n2,156\n<\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n \n1,159\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n706\n<\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n \n6,008\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n4,516\n<\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n \n2,841\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n3,122\n<\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n \n4,217\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n5,402\n<\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n \n703\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n639\n<\/p>\n<\/td>\n<\/tr>\n \n$\n<\/p>\n<\/td>\n \n13,769\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n13,679\n<\/p>\n<\/td>\n<\/tr>\n \n$\n<\/p>\n<\/td>\n \n1,743\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n1,174\n<\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n \n1,276\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n1,067\n<\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n \n831\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n920\n<\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n \n34\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n48\n<\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n \n3,884\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n3,209\n<\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n \n2,216\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n1,249\n<\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n \n4,617\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n5,508\n<\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n \n438\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n397\n<\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n \n7,271\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n7,154\n<\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n \n2,614\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n3,316\n<\/p>\n<\/td>\n<\/tr>\n \n$\n<\/p>\n<\/td>\n \n13,769\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n13,679\n<\/p>\n<\/td>\n<\/tr>\n<\/table>\n \n$\n<\/p>\n<\/td>\n \n4,424\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n4,674\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n13,800\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n16,383\n<\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n \n2,756\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n3,000\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n9,095\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n10,250\n<\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n \n1,668\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n1,674\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n4,705\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n6,133\n<\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n \n1,534\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n1,919\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n5,567\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n5,559\n<\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n \n134\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n(245\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n(862\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n574\n<\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n \n–\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n–\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n58\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n–\n<\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n \n57\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n9\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n182\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n46\n<\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n \n77\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n(254\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n(1,102\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n528\n<\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n \n(157\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n(70\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n(437\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n177\n<\/p>\n<\/td>\n<\/tr>\n \n$\n<\/p>\n<\/td>\n \n234\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n(184\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n(665\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n351\n<\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n \n375\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n373\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n374\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n376\n<\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n \n382\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n373\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n374\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n378\n<\/p>\n<\/td>\n<\/tr>\n \n$\n<\/p>\n<\/td>\n \n0.62\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n(0.49\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n(1.78\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n0.93\n<\/p>\n<\/td>\n<\/tr>\n \n$\n<\/p>\n<\/td>\n \n0.61\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n(0.49\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n(1.78\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n0.93\n<\/p>\n<\/td>\n<\/tr>\n<\/table>\n \n$\n<\/p>\n<\/td>\n \n(665\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n351\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n \n507\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n557\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n \n391\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n239\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n \n135\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n98\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n \n58\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n–\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n \n–\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n(191\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n \n(305\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n4\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n \n564\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n66\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n \n(304\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n86\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n \n(144\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n201\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n \n237\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n1,411\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n \n(392\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n(702\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n \n–\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n(343\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n \n–\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n220\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n \n(508\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n(293\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n \n388\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n293\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n \n–\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n(69\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n \n2\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n–\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n \n(510\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n(894\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n \n500\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n–\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n \n(500\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n–\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n \n2,250\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n–\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n \n(1,307\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n–\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n \n(61\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n–\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n \n22\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n25\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n \n(9\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n(21\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n \n–\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n(200\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n \n–\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n(364\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n \n895\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n(560\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n \n13\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n4\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n \n635\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n(39\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n \n1,381\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n1,420\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \n$\n<\/p>\n<\/td>\n \n2,016\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n1,381\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n<\/table>\n 52 Weeks Ended 13 Weeks Ended 39 Weeks Ended Derived (a)<\/b><\/p>\n<\/td>\n<\/tr>\n \n$\n<\/p>\n<\/td>\n \n237\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n(940\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n1,177\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n \n(392\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n(122\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n(270\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n<\/tr>\n \n$\n<\/p>\n<\/td>\n \n(155\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n(1,062\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n907\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \n$\n<\/p>\n<\/td>\n \n1,411\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n(702\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n709\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n1,534\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n34.7\n<\/p>\n<\/td>\n \n%\n<\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n \n(56\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n \n(1.3\n<\/p>\n<\/td>\n \n)%\n<\/p>\n<\/td>\n<\/tr>\n \n$\n<\/p>\n<\/td>\n \n1,478\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n33.4\n<\/p>\n<\/td>\n \n%\n<\/p>\n<\/td>\n<\/tr>\n \n$\n<\/p>\n<\/td>\n \n134\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n3.0\n<\/p>\n<\/td>\n \n%\n<\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n \n56\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n1.3\n<\/p>\n<\/td>\n \n%\n<\/p>\n<\/td>\n<\/tr>\n \n$\n<\/p>\n<\/td>\n \n190\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n4.3\n<\/p>\n<\/td>\n \n%\n<\/p>\n<\/td>\n<\/tr>\n \n$\n<\/p>\n<\/td>\n \n(245\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n189\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n38\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n296\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n278\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n2,189\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n704\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n438\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n457\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n3,788\n<\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n \n163\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n78\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n40\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n–\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n281\n<\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n \n–\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n80\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n2\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n–\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n82\n<\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n \n–\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n207\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n20\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n–\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n227\n<\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n \n23\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n19\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n4\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n–\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n46\n<\/p>\n<\/td>\n<\/tr>\n \n$\n<\/p>\n<\/td>\n \n2,375\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n1,088\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n504\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n457\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n4,424\n<\/p>\n<\/td>\n<\/tr>\n \n$\n<\/p>\n<\/td>\n \n2,055\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n781\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n642\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n334\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n3,812\n<\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n \n160\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n98\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n60\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n–\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n318\n<\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n \n–\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n145\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n4\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n–\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n149\n<\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n \n15\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n289\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n26\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n–\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n330\n<\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n \n35\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n25\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n5\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n–\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n65\n<\/p>\n<\/td>\n<\/tr>\n \n$\n<\/p>\n<\/td>\n \n2,265\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n1,338\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n737\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n334\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n4,674\n<\/p>\n<\/td>\n<\/tr>\n \n$\n<\/p>\n<\/td>\n \n6,898\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n2,099\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n1,242\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n1,411\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n11,650\n<\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n \n578\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n261\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n130\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n3\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n972\n<\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n \n–\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n319\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n10\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n–\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n329\n<\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n \n4\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n642\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n64\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n–\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n710\n<\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n \n56\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n67\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n16\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n–\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n139\n<\/p>\n<\/td>\n<\/tr>\n \n$\n<\/p>\n<\/td>\n \n7,536\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n3,388\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n1,462\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n1,414\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n13,800\n<\/p>\n<\/td>\n<\/tr>\n \n$\n<\/p>\n<\/td>\n \n7,259\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n2,723\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n2,191\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n1,225\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n13,398\n<\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n \n587\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n349\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n215\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n2\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n1,153\n<\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n \n–\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n525\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n14\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n–\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n539\n<\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n \n45\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n943\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n96\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n–\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n1,084\n<\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n \n92\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n94\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n23\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n–\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n209\n<\/p>\n<\/td>\n<\/tr>\n \n$\n<\/p>\n<\/td>\n \n7,983\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n4,634\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n2,539\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n1,227\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n16,383\n<\/p>\n<\/td>\n<\/tr>\n<\/table>\n February 1, 2020<\/b><\/p>\n<\/td>\n 52 Weeks Ended January 30, 2021<\/b><\/p>\n<\/td>\n January 30, 2021<\/b><\/p>\n<\/td>\n<\/tr>\n Store Locations<\/b><\/p>\n<\/td>\n Store Locations Store Locations Store Locations<\/b><\/p>\n<\/td>\n Square Feet \n1,207\n<\/p>\n<\/td>\n \n32\n<\/p>\n<\/td>\n \n19\n<\/p>\n<\/td>\n \n1,220\n<\/p>\n<\/td>\n \n19.6\n<\/p>\n<\/td>\n<\/tr>\n \n17\n<\/p>\n<\/td>\n \n–\n<\/p>\n<\/td>\n \n17\n<\/p>\n<\/td>\n \n–\n<\/p>\n<\/td>\n \n–\n<\/p>\n<\/td>\n<\/tr>\n \n675\n<\/p>\n<\/td>\n \n2\n<\/p>\n<\/td>\n \n121\n<\/p>\n<\/td>\n \n556\n<\/p>\n<\/td>\n \n5.8\n<\/p>\n<\/td>\n<\/tr>\n \n358\n<\/p>\n<\/td>\n \n16\n<\/p>\n<\/td>\n \n34\n<\/p>\n<\/td>\n \n340\n<\/p>\n<\/td>\n \n2.9\n<\/p>\n<\/td>\n<\/tr>\n \n137\n<\/p>\n<\/td>\n \n4\n<\/p>\n<\/td>\n \n24\n<\/p>\n<\/td>\n \n117\n<\/p>\n<\/td>\n \n1.0\n<\/p>\n<\/td>\n<\/tr>\n \n541\n<\/p>\n<\/td>\n \n3\n<\/p>\n<\/td>\n \n73\n<\/p>\n<\/td>\n \n471\n<\/p>\n<\/td>\n \n4.0\n<\/p>\n<\/td>\n<\/tr>\n \n48\n<\/p>\n<\/td>\n \n5\n<\/p>\n<\/td>\n \n6\n<\/p>\n<\/td>\n \n47\n<\/p>\n<\/td>\n \n0.2\n<\/p>\n<\/td>\n<\/tr>\n \n190\n<\/p>\n<\/td>\n \n11\n<\/p>\n<\/td>\n \n2\n<\/p>\n<\/td>\n \n199\n<\/p>\n<\/td>\n \n0.8\n<\/p>\n<\/td>\n<\/tr>\n \n33\n<\/p>\n<\/td>\n \n–\n<\/p>\n<\/td>\n \n2\n<\/p>\n<\/td>\n \n31\n<\/p>\n<\/td>\n \n0.1\n<\/p>\n<\/td>\n<\/tr>\n \n139\n<\/p>\n<\/td>\n \n–\n<\/p>\n<\/td>\n \n20\n<\/p>\n<\/td>\n \n119\n<\/p>\n<\/td>\n \n0.2\n<\/p>\n<\/td>\n<\/tr>\n \n3,345\n<\/p>\n<\/td>\n \n73\n<\/p>\n<\/td>\n \n318\n<\/p>\n<\/td>\n \n3,100\n<\/p>\n<\/td>\n \n34.6\n<\/p>\n<\/td>\n<\/tr>\n \n574\n<\/p>\n<\/td>\n \n67\n<\/p>\n<\/td>\n \n26\n<\/p>\n<\/td>\n \n615\n<\/p>\n<\/td>\n \nN\/A\n<\/p>\n<\/td>\n<\/tr>\n \n3,919\n<\/p>\n<\/td>\n \n140\n<\/p>\n<\/td>\n \n344\n<\/p>\n<\/td>\n \n3,715\n<\/p>\n<\/td>\n \n34.6\n<\/p>\n<\/td>\n<\/tr>\n<\/table>\n![\"Gap](\"https:\/\/mms.businesswire.com\/media\/20210304006013\/en\/863322\/4\/Q4_Earnings__Infographic_Media+%282%29.jpg\")
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\n The Gap, Inc.<\/b><\/td>\n<\/tr>\n \n CONDENSED CONSOLIDATED BALANCE SHEETS<\/b><\/td>\n<\/tr>\n \n UNAUDITED<\/b><\/td>\n<\/tr>\n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n ($ in millions)<\/b><\/td>\n \n January 30,
2021<\/b><\/td>\n\n February 1,
2020<\/b><\/td>\n<\/tr>\n\n ASSETS<\/td>\n \n \n \n <\/tr>\n \n Current assets:<\/td>\n \n \n \n <\/tr>\n \n Cash and cash equivalents<\/td>\n \n \n \n \n \n \n \n Short-term investments<\/td>\n \n \n \n \n \n \n \n Merchandise inventory<\/td>\n \n \n \n \n \n \n \n Other current assets<\/td>\n \n \n \n \n \n \n \n Total current assets<\/td>\n \n \n \n \n \n \n \n Property and equipment, net<\/td>\n \n \n \n \n \n \n \n Operating lease assets<\/td>\n \n \n \n \n \n \n \n Other long-term assets<\/td>\n \n \n \n \n \n \n \n Total assets<\/td>\n \n \n \n \n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n LIABILITIES AND STOCKHOLDERS’ EQUITY<\/td>\n \n \n \n <\/tr>\n \n Current liabilities:<\/td>\n \n \n \n <\/tr>\n \n Accounts payable<\/td>\n \n \n \n \n \n \n \n Accrued expenses and other current liabilities<\/td>\n \n \n \n \n \n \n \n Current portion of operating lease liabilities<\/td>\n \n \n \n \n \n \n \n Income taxes payable<\/td>\n \n \n \n \n \n \n \n Total current liabilities<\/td>\n \n \n \n \n \n \n \n Long-term liabilities:<\/td>\n \n \n \n <\/tr>\n \n Long-term debt<\/td>\n \n \n \n \n \n \n \n Long-term operating lease liabilities<\/td>\n \n \n \n \n \n \n \n Other long-term liabilities<\/td>\n \n \n \n \n \n \n \n Total long-term liabilities<\/td>\n \n \n \n \n \n \n \n Total stockholders’ equity<\/td>\n \n \n \n \n \n \n \n Total liabilities and stockholders’ equity<\/td>\n \n \n \n \n \n \n \n
\n The Gap, Inc.<\/b><\/td>\n<\/tr>\n \n CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS<\/b><\/td>\n<\/tr>\n \n UNAUDITED<\/b><\/td>\n<\/tr>\n \n \n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n \n \n 13 Weeks Ended<\/b><\/td>\n \n 52 Weeks Ended <\/b><\/td>\n<\/tr>\n \n ($ and shares in millions except per share amounts)<\/b><\/td>\n \n January 30,
2021<\/b><\/td>\n\n February 1,
2020<\/b><\/td>\n\n January 30,
2021<\/b><\/td>\n\n February 1,
2020<\/b><\/td>\n<\/tr>\n\n Net sales<\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Cost of goods sold and occupancy expenses<\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Gross profit<\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Operating expenses<\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Operating income (loss)<\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Loss on extinguishment of debt<\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Interest, net<\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Income (loss) before income taxes<\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Income taxes<\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Net income (loss)<\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n Weighted-average number of shares – basic<\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Weighted-average number of shares – diluted<\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n Earnings (loss) per share – basic<\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Earnings (loss) per share – diluted<\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
\n The Gap, Inc.<\/b><\/td>\n \n \n \n <\/tr>\n \n CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS<\/b><\/td>\n \n \n \n <\/tr>\n \n UNAUDITED<\/b><\/td>\n \n \n \n <\/tr>\n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n \n \n 52 Weeks Ended <\/b><\/td>\n<\/tr>\n \n ($ in millions)<\/b><\/td>\n \n January 30,
2021 (a)<\/b><\/td>\n\n February 1,
2020 (a)<\/b><\/td>\n<\/tr>\n\n Cash flows from operating activities:<\/td>\n \n \n \n <\/tr>\n \n Net income (loss)<\/td>\n \n \n \n \n \n \n \n \n \n Depreciation and amortization<\/td>\n \n \n \n \n \n \n \n \n \n Impairment of operating lease assets<\/td>\n \n \n \n \n \n \n \n \n \n Impairment of store assets<\/td>\n \n \n \n \n \n \n \n \n \n Loss on extinguishment of debt<\/td>\n \n \n \n \n \n \n \n \n \n Gain on sale of building<\/td>\n \n \n \n \n \n \n \n \n \n Change in merchandise inventory<\/td>\n \n \n \n \n \n \n \n \n \n Change in accounts payable<\/td>\n \n \n \n \n \n \n \n \n \n Change in income taxes payable, net of receivables and other tax-related items<\/td>\n \n \n \n \n \n \n \n \n \n Other, net<\/td>\n \n \n \n \n \n \n \n \n \n Net cash provided by operating activities<\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n Cash flows from investing activities:<\/td>\n \n \n \n <\/tr>\n \n Purchases of property and equipment<\/td>\n \n \n \n \n \n \n \n \n \n Purchase of building<\/td>\n \n \n \n \n \n \n \n \n \n Proceeds from sale of building<\/td>\n \n \n \n \n \n \n \n \n \n Purchases of short-term investments<\/td>\n \n \n \n \n \n \n \n \n \n Proceeds from sales and maturities of short-term investments<\/td>\n \n \n \n \n \n \n \n \n \n Purchase of Janie and Jack<\/td>\n \n \n \n \n \n \n \n \n \n Other<\/td>\n \n \n \n \n \n \n \n \n \n Net cash used for investing activities<\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n Cash flows from financing activities:<\/td>\n \n \n \n <\/tr>\n \n Proceeds from revolving credit facility<\/td>\n \n \n \n \n \n \n \n \n \n Payments for revolving credit facility<\/td>\n \n \n \n \n \n \n \n \n \n Proceeds from issuance of long-term debt<\/td>\n \n \n \n \n \n \n \n \n \n Payments to extinguish debt<\/td>\n \n \n \n \n \n \n \n \n \n Payments for debt issuance costs<\/td>\n \n \n \n \n \n \n \n \n \n Proceeds from issuances under share-based compensation plans<\/td>\n \n \n \n \n \n \n \n \n \n Withholding tax payments related to vesting of stock units<\/td>\n \n \n \n \n \n \n \n \n \n Repurchases of common stock<\/td>\n \n \n \n \n \n \n \n \n \n Cash dividends paid<\/td>\n \n \n \n \n \n \n \n \n \n Net cash provided by (used for) financing activities<\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n Effect of foreign exchange rate fluctuations on cash, cash equivalents, and restricted cash<\/td>\n \n \n \n \n \n \n \n \n \n Net increase (decrease) in cash, cash equivalents, and restricted cash<\/td>\n \n \n \n \n \n \n \n \n \n Cash, cash equivalents, and restricted cash at beginning of period<\/td>\n \n \n \n \n \n \n \n \n \n Cash, cash equivalents, and restricted cash at end of period<\/td>\n \n \n \n \n \n \n \n \n \n
\n ____________________<\/td>\n<\/tr>\n \n (a) For the fifty-two weeks ended January 30, 2021 and February 1, 2020, total cash, cash equivalents, and restricted cash includes $28 million and $17 million, respectively, of restricted cash recorded in other current assets and other long-term assets on the Consolidated Balance Sheets.<\/td>\n<\/tr>\n<\/table>\n \n
\n The Gap, Inc.<\/b><\/td>\n<\/tr>\n \n NON-GAAP FINANCIAL MEASURES<\/b><\/td>\n<\/tr>\n \n UNAUDITED<\/b><\/td>\n<\/tr>\n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n FREE CASH FLOW<\/b><\/td>\n \n <\/tr>\n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n Free cash flow is a non-GAAP financial measure. We believe free cash flow is an important metric because it represents a measure of how much cash a company has available for discretionary and non-discretionary items after the deduction of capital expenditures as we require regular capital expenditures to build and maintain stores and purchase new equipment to improve our business and infrastructure. We use this metric internally, as we believe our sustained ability to generate free cash flow is an important driver of value creation. Additionally, we provided free cash flow excluding the impact of the first quarter of fiscal 2020 which was significantly impacted by the sales decline as a result of the COVID-19 pandemic. However, this non-GAAP financial measure is not intended to supersede or replace our GAAP results.<\/td>\n<\/tr>\n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n \n \n \n
\n
January 30, 2021<\/b><\/p>\n<\/td>\n\n \n
\n
May 2, 2020<\/b><\/p>\n<\/td>\n\n \n
\n
January 30, 2021<\/b><\/p>\n<\/td>\n<\/tr>\n\n ($ in millions)<\/b><\/td>\n \n \n \n \n \n \n \n Net cash provided by (used for) operating activities<\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n \n Less: Purchases of property and equipment<\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n \n Free cash flow<\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n \n \n 52 Weeks Ended
February 1, 2020<\/b><\/td>\n\n \n \n <\/tr>\n \n ($ in millions)<\/b><\/td>\n \n \n \n \n \n <\/tr>\n \n Net cash provided by operating activities<\/td>\n \n \n \n \n \n \n \n <\/tr>\n \n Less: Purchases of property and equipment (b)<\/td>\n \n \n \n \n \n \n \n <\/tr>\n \n Free cash flow<\/td>\n \n \n \n \n \n \n \n <\/tr>\n<\/table>\n \n
\n ____________________<\/td>\n<\/tr>\n \n (a) The free cash flow for the thirty-nine weeks ended January 30, 2021 is derived from the reported cash flow statement for the fifty-two weeks ended January 30, 2021 less the reported cash flow for the thirteen weeks ended May 2, 2020.<\/td>\n<\/tr>\n \n (b) Excludes purchase of building in the first quarter of fiscal 2019.<\/td>\n<\/tr>\n<\/table>\n \n
\n The Gap, Inc.<\/b><\/td>\n<\/tr>\n \n NON-GAAP FINANCIAL MEASURES<\/b><\/td>\n<\/tr>\n \n UNAUDITED<\/b><\/td>\n<\/tr>\n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n ADJUSTED STATEMENT OF OPERATIONS METRICS FOR THE FOURTH QUARTER OF FISCAL YEAR 2020 AND 2019<\/b><\/td>\n<\/tr>\n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n 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 charges resulting from a strategic review of the Intermix business during fiscal 2020 and impacts of separation-related costs, specialty fleet restructuring costs, and flagship impairment charges during fiscal 2019. Management believes that excluding certain items from operating expenses and operating income that are not part of its 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.<\/td>\n<\/tr>\n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n ($ in millions)<\/b><\/td>\n \n \n \n <\/tr>\n \n 13 Weeks Ended January 30, 2021 <\/b><\/td>\n \n Operating Expenses <\/b><\/td>\n \n Operating Expenses
as a % of Net Sales <\/b><\/td>\n<\/tr>\n\n Operating expenses, as reported<\/td>\n \n \n \n \n \n \n \n \n Less: Non-cash impairment charges related to Intermix (a)<\/td>\n \n \n \n \n \n \n \n \n Adjusted operating expenses<\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n ($ in millions)<\/b><\/td>\n \n \n \n <\/tr>\n \n 13 Weeks Ended January 30, 2021 <\/b><\/td>\n \n Operating Income <\/b><\/td>\n \n Operating Income as a
% of Net Sales <\/b><\/td>\n<\/tr>\n\n Operating income, as reported<\/td>\n \n \n \n \n \n \n \n \n Add: Non-cash impairment charges related to Intermix (a)<\/td>\n \n \n \n \n \n \n \n \n Adjusted operating income<\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n ($ in millions)<\/b><\/td>\n \n \n \n <\/tr>\n \n 13 Weeks Ended February 1, 2020 <\/b><\/td>\n \n Operating Income (loss) <\/b><\/td>\n \n <\/tr>\n \n Operating income, as reported<\/td>\n \n \n \n \n \n <\/tr>\n \n Add: Separation-related costs (b)<\/td>\n \n \n \n \n \n <\/tr>\n \n Add: Specialty fleet restructuring costs (c)<\/td>\n \n \n \n \n \n <\/tr>\n \n Add: Flagship impairment charges (d)<\/td>\n \n \n \n \n \n <\/tr>\n \n Adjusted operating income<\/td>\n \n \n \n \n \n <\/tr>\n<\/table>\n \n
\n ______________________________<\/td>\n<\/tr>\n \n (a) Represents trade name impairment of $31 million as well as store asset and operating lease asset impairment of $25 million.<\/td>\n<\/tr>\n \n (b) Represents the impact of costs related to preparing for the Old Navy spin-off transaction and subsequent cancellation of this transaction. Separation-related amounts primarily consist of costs associated with information technology and fees for consulting and advisory services.<\/td>\n<\/tr>\n \n (c) Represents the impact of costs related to previously announced plans to restructure the specialty fleet and revitalize the Gap brand. These costs primarily include lease and employee-related costs.<\/td>\n<\/tr>\n \n (d) Represents non-cash impairment charges related to global flagship stores. Flagship impairment charges related to operating lease assets and store assets were $223 million and $73 million, respectively.<\/td>\n<\/tr>\n<\/table>\n \n
\n The Gap, Inc.<\/b><\/td>\n<\/tr>\n \n NET SALES RESULTS<\/b><\/td>\n<\/tr>\n \n UNAUDITED<\/b><\/td>\n<\/tr>\n \n \n \n \n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n The following table details the Company\u2019s fourth quarter and fiscal year 2020 net sales (unaudited):<\/td>\n<\/tr>\n \n \n \n \n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n ($ in millions)<\/b><\/td>\n \n Old Navy
Global<\/b><\/td>\n\n Gap Global<\/b><\/td>\n \n Banana
Republic Global<\/b><\/td>\n\n Other (2)<\/b><\/td>\n \n Total<\/b><\/td>\n<\/tr>\n \n 13 Weeks Ended January 30, 2021<\/b><\/td>\n \n \n \n \n <\/tr>\n \n U.S. (1)<\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Canada<\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Europe<\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Asia<\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Other regions<\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Total<\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n ($ in millions)<\/b><\/td>\n \n Old Navy
Global<\/b><\/td>\n\n Gap Global<\/b><\/td>\n \n Banana
Republic Global (3)<\/b><\/td>\n\n Other (4)<\/b><\/td>\n \n Total<\/b><\/td>\n<\/tr>\n \n 13 Weeks Ended February 1, 2020<\/b><\/td>\n \n \n \n \n <\/tr>\n \n U.S. (1)<\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Canada<\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Europe<\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Asia<\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Other regions<\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Total<\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n \n \n \n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n ($ in millions)<\/b><\/td>\n \n Old Navy
Global<\/b><\/td>\n\n Gap Global<\/b><\/td>\n \n Banana
Republic Global<\/b><\/td>\n\n Other (2)<\/b><\/td>\n \n Total<\/b><\/td>\n<\/tr>\n \n 52 Weeks Ended January 30, 2021<\/b><\/td>\n \n \n \n \n <\/tr>\n \n U.S. (1)<\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Canada<\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Europe<\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Asia<\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Other regions<\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Total<\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n ($ in millions)<\/b><\/td>\n \n Old Navy
Global<\/b><\/td>\n\n Gap Global<\/b><\/td>\n \n Banana
Republic Global (3)<\/b><\/td>\n\n Other (4)<\/b><\/td>\n \n Total<\/b><\/td>\n<\/tr>\n \n 52 Weeks Ended February 1, 2020<\/b><\/td>\n \n \n \n \n <\/tr>\n \n U.S. (1)<\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Canada<\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Europe<\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Asia<\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Other regions<\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Total<\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
\n ____________________<\/td>\n<\/tr>\n \n (1) U.S. includes the United States, Puerto Rico, and Guam.<\/td>\n<\/tr>\n \n (2) Primarily consists of net sales for the Athleta, Intermix, and Hill City brands. Beginning in fiscal year 2020, Janie and Jack net sales are also included. Net sales for Athleta for the thirteen and fifty-two weeks ended January 30, 2021 were $371 million and $1,135 million, respectively.<\/td>\n<\/tr>\n \n (3) Beginning on March 4, 2019, Banana Republic Global includes net sales for the Janie and Jack brand.<\/td>\n<\/tr>\n \n (4) Primarily consists of net sales for the Athleta, Intermix, and Hill City brands as well as a portion of income related to our credit card agreement. Net sales for Athleta for the thirteen and fifty-two weeks ended February 1, 2020 were $288 million and $978 million, respectively.<\/td>\n<\/tr>\n<\/table>\n \n
\n The Gap, Inc.<\/b><\/td>\n<\/tr>\n \n REAL ESTATE<\/b><\/td>\n<\/tr>\n \n \n \n \n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n Store count, openings, closings, and square footage for our stores are as follows:<\/td>\n<\/tr>\n \n \n \n \n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
\n
Opened<\/b><\/p>\n<\/td>\n\n \n
\n
Closed (1)<\/b><\/p>\n<\/td>\n\n \n \n \n
\n
(millions)<\/b><\/p>\n<\/td>\n<\/tr>\n\n \n \n \n \u00a0<\/td>\n<\/tr>\n \n Old Navy North America<\/td>\n \n \n \n \n \n \n \n \n \n \n \n Old Navy Asia<\/td>\n \n \n \n \n \n \n \n \n \n \n \n Gap North America<\/td>\n \n \n \n \n \n \n \n \n \n \n \n Gap Asia<\/td>\n \n \n \n \n \n \n \n \n \n \n \n Gap Europe<\/td>\n \n \n \n \n \n \n \n \n \n \n \n Banana Republic North America<\/td>\n \n \n \n \n \n \n \n \n \n \n \n Banana Republic Asia<\/td>\n \n \n \n \n \n \n \n \n \n \n \n Athleta North America<\/td>\n \n \n \n \n \n \n \n \n \n \n \n Intermix North America<\/td>\n \n \n \n \n \n \n \n \n \n \n \n Janie and Jack North America<\/td>\n \n \n \n \n \n \n \n \n \n \n \n Company-operated stores total<\/td>\n \n \n \n \n \n \n \n \n \n \n \n Franchise<\/td>\n \n \n \n \n \n \n \n \n \n \n \n Total<\/td>\n \n \n \n \n \n \n \n \n \n \n
![\"Logo\"](\"https:\/\/mms.businesswire.com\/media\/20210304006013\/en\/111863\/3\/Gap_Inc.jpg\")
<\/td>\n<\/tr>\n![\"Photo\"](\"https:\/\/mms.businesswire.com\/media\/20210304006013\/en\/863322\/3\/Q4_Earnings__Infographic_Media+%282%29.jpg\")
<\/td>\n<\/tr>\n