Gap Inc. Reports Fourth Quarter and Fiscal 2023 Results; Provides Fiscal 2024 Outlook
Fourth Quarter Net Sales Increased with Market Share Gains
Fourth Quarter Operating Margin Expansion Reflects Continued Financial and Operational Rigor
Full Year Operating Cash Flow of
"The fourth quarter exceeded expectations on several key metrics along with market share gains, reflecting improved trends at
The company noted that fiscal year 2023 had 53 weeks versus 52 weeks in fiscal year 2022. As a result, the company's results for the fourth quarter and the fiscal year include the additional week, while comparable sales calculations exclude the additional week.
Fourth Quarter Fiscal 2023 - Financial Results
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Net sales of
$4.3 billion were up 1% compared to last year, inclusive of an estimated 2 percentage points of negative impact from the sale ofGap China . The addition of the 53rd week contributed approximately 4 percentage points of growth to the fourth quarter.- Comparable sales were flat year-over-year.
- Store sales increased 4% compared to last year.
- Online sales decreased 2% compared to last year and represented 40% of total net sales.
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Gross margin was 38.9%, an increase of 530 basis points versus last year.
- Merchandise margin increased 500 basis points versus last year primarily driven by lower commodity costs and improved promotional activity during the quarter.
- Rent, occupancy, and depreciation (ROD) as a percent of sales leveraged 30 basis points versus last year.
-
Operating expense was
$1.46 billion . -
Operating income was
$214 million ; operating margin of 5.0%. - The effective tax rate of 15.1% benefited from the release of certain tax reserves.
-
Net income of
$185 million ; diluted earningsper share of$0.49 .
Full Year Fiscal 2023 - Financial Results
-
Net sales of
$14.9 billion were down 5% compared to last year, inclusive of an estimated 2 percentage points of negative impact from the sale ofGap China . The addition of the 53rd week contributed about 1 percentage point of growth to the full year.- Comparable sales down 2% year-over-year.
- Store sales decreased 3% compared to last year. The company ended the year with 3,560 store locations in over 40 countries, of which 2,562 were company operated.
- Online sales decreased 7% compared to last year and represented 37% of total net sales.
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Gross margin was 38.8%, expanding 450 basis points versus last year's reported gross margin and 380 basis points versus last year's adjusted rate.
- Merchandise margin increased by 490 basis points versus last year's reported rate; on an adjusted basis, merchandise margin increased 420 basis points driven by lower air freight expense and improved promotional activity.
- Rent, occupancy, and depreciation (ROD) deleveraged 40 basis points versus last year.
- Reported operating expense was
$5.22 billion ; adjusted operating expense, excluding$89 million in restructuring costs and a$47 million gain on sale of a building, was$5.17 billion , down 6% from last year primarily driven by savings as a result of strategic actions. - Reported operating income was
$560 million ; reported operating margin of 3.8%. -
Adjusted operating income, excluding
$93 million in restructuring costs and a$47 million gain on sale, was$606 million ; adjusted operating margin of 4.1%. - The reported effective tax rate was 9.7%. The adjusted effective tax rate was 11.0%.
- Reported net income was
$502 million ; reported diluted earnings per share of$1.34 . -
Adjusted net income, excluding restructuring costs and the gain on sale, was
$536 million ; adjusted diluted earnings per share of$1.43 includes approximately$0.29 of discrete tax benefits and an estimated$0.05 benefit related to the 53rd week.
Balance Sheet and Cash Flow Highlights
- Ended the year with cash and cash equivalents of
$1.9 billion , an increase of 54% from the prior year. - Fiscal 2023 net cash from operating activities was
$1.5 billion . Free cash flow, defined as net cash from operating activities less purchases of property and equipment, was$1.1 billion . - Ending inventory of
$2 billion was down 16% compared to last year. - Fiscal year 2023 capital expenditures were
$420 million . - Paid a fourth quarter dividend of
$0.15 per share, totaling$56 million . Paid dividends totaling$222 million in fiscal year 2023. The Company's Board of Directors approved a first quarter fiscal 2024 dividend of$0.15 per share.
Additional information regarding adjusted gross margin, adjusted operating expense/adjusted SG&A, adjusted operating income, adjusted operating margin, adjusted effective tax rate, adjusted net income, adjusted diluted earnings per share, and free cash flow, all of which are non-GAAP financial measures, is provided at the end of this press release along with a reconciliation of these measures from the most directly comparable GAAP financial measures for the applicable period.
Fourth Quarter and Full Year Fiscal 2023 - Global Brand Results
Comparable Sales |
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Fourth Quarter |
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Fiscal Year |
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2023 |
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2022 |
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2023 |
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2022 |
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2 % |
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(7) % |
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(1) % |
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(12) % |
Gap |
4 % |
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(4) % |
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1 % |
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(4) % |
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(4) % |
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(3) % |
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(7) % |
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9 % |
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(10) % |
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(5) % |
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(12) % |
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(5) % |
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0 % |
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(5) % |
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(2) % |
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(7) % |
- Fourth quarter net sales of
$2.29 billion were up 6% compared to last year. Comparable sales were up 2%. This represents the second consecutive quarter of positive comparable sales at the brand, demonstrating improved consistency in performance and execution. - Full year net sales of
$8.2 billion were flat versus last year. Comparable sales were down 1%.
Gap:
- Fourth quarter net sales of
$1.01 billion were down 5% compared to last year. Excluding the estimated negative impact to sales of 8 percentage points related to the sale ofGap China , sales would have been up 3% versus last year. Comparable sales were up 4%. Performance was driven by continued strength in Women's, which gained market share for the fifth quarter in a row. - Full year net sales of
$3.3 billion were down 11% versus last year. Excluding the estimated negative impact to sales of 7 percentage points related to the sale ofGap China , sales would have been down 4% versus last year. Comparable sales were up 1%.
- Fourth quarter net sales of
$567 million were down 2% compared to last year. Comparable sales were down 4%. While the brand has been making progress elevating its aesthetic, re-establishingBanana Republic will take time and there is work to be done to better execute many of the fundamentals. - Full year net sales of
$1.9 billion were down 8% versus last year. Comparable sales were down 7%.
- Fourth quarter net sales of
$419 million were down 4% compared to last year. Comparable sales were down 10%.Athleta's performance improved sequentially versus the prior quarter, but sales continue to be challenged due to tougher comparisons as the brand laps a period of elevated discounting last year. - Full year net sales of
$1.4 billion were down 8% versus last year. Comparable sales were down 12%.
Fiscal 2024 Outlook
The company's outlook takes into consideration the continued uncertain consumer and macro environment. The company's projected full year fiscal 2024 operating income growth below is provided in comparison to its full year fiscal 2023 adjusted operating income. In addition, the company's expected first quarter fiscal 2024 gross margin expansion below is provided in comparison to its first quarter fiscal 2023 adjusted gross margin.
Full Year Fiscal 2024 |
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Full Year Fiscal 2024 Outlook |
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Full Year Fiscal 2023 Results |
Net sales |
Roughly flat on a 52-week basis |
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Gross margin |
At least 50 bps expansion |
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38.8 % |
Operating expense |
Approximately |
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Operating income |
Low-to-mid teens growth |
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Effective tax rate |
Approximately 28% |
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9.7 % |
Capital expenditures |
Approximately |
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First Quarter Fiscal 2024 |
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First Quarter Fiscal 2024 Outlook |
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First Quarter Fiscal 2023 Results |
Net sales |
Roughly flat |
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Gross margin |
At least 100 bps expansion |
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37.2% (adjusted) |
Operating expense |
Approximately |
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Webcast and Conference Call Information
A live webcast of the conference call and accompanying materials will be available online at investors.gapinc.com. A replay of the webcast will be available at the same location.
Non-GAAP Disclosure
This press release and related conference call include financial measures that have not been calculated in accordance with
The non-GAAP measures included in this press release are adjusted gross margin, adjusted operating expense/adjusted SG&A, adjusted operating income, adjusted operating margin, adjusted effective tax rate, adjusted net income, adjusted diluted earnings per share, and free cash flow. These non-GAAP measures exclude the impact of certain items that are set forth in the tables to this press release. In addition, the company's outlook includes projected full year fiscal 2024 operating income growth compared to its full year fiscal 2023 adjusted operating income as well as expected first quarter fiscal 2024 gross margin expansion compared to its first quarter fiscal 2023 adjusted gross margin.
The non-GAAP measures used by the company should not be considered as a substitute for, or superior to, measures of financial performance prepared in accordance with GAAP and may not be the same as similarly titled measures used by other companies due to possible differences in method and in items or events being adjusted. The company urges investors to review the reconciliation of non-GAAP financial measures to the most directly comparable GAAP financial measures included in the tables to this press release below, and not to rely on any single financial measure to evaluate its business. The non-GAAP financial measures used by the company have limitations in their usefulness to investors because they have no standardized meaning prescribed by GAAP and are not prepared under any comprehensive set of accounting rules or principles.
Forward-Looking Statements
This press release and related conference call contain forward-looking statements within the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. All statements other than those that are purely historical are forward-looking statements. Words such as "expect," "anticipate," "believe," "estimate," "intend," "plan," "project," and similar expressions also identify forward-looking statements. Forward-looking statements include statements regarding the following: our strategic priorities, including maintaining and delivering financial and operational rigor, reinvigorating our brands, strengthening our platform, and energizing our culture; our executive leadership team and their roles and contributions; our financial position heading into fiscal 2024; continuing to elevate our performance, improve execution consistency, and set the foundation for brand reinvigoration; each brand having trend-right product assortments and a clear point of view; our brand reinvigoration playbook;
Because these forward-looking statements involve risks and uncertainties, there are important factors that could cause our actual results to differ materially from those in the forward-looking statements. These factors include, without limitation, the following risks, any of which could have an adverse effect on our financial condition, results of operations, and reputation: the overall global economic and geopolitical environment and consumer spending patterns; the highly competitive nature of our business in
Additional information regarding factors that could cause results to differ can be found in our Annual Report on Form 10-K filed with the
These forward-looking statements are based on information as of
About
Investor Relations Contact
:
Nina Bari
Investor_relations@gap.com
Media Relations Contact:
Megan Foote
Press@gap.com
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CONDENSED CONSOLIDATED BALANCE SHEETS |
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UNAUDITED |
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($ in millions) |
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ASSETS |
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Current assets: |
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Cash and cash equivalents |
$ 1,873 |
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$ 1,215 |
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Merchandise inventory |
1,995 |
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2,389 |
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Other current assets |
527 |
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1,013 |
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Total current assets |
4,395 |
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4,617 |
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Property and equipment, net of accumulated depreciation |
2,566 |
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2,688 |
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Operating lease assets |
3,115 |
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3,173 |
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Other long-term assets |
968 |
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908 |
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Total assets |
$ 11,044 |
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$ 11,386 |
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LIABILITIES AND STOCKHOLDERS' EQUITY |
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Current liabilities: |
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Accounts payable |
$ 1,349 |
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$ 1,320 |
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Accrued expenses and other current liabilities |
1,108 |
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1,219 |
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Current portion of operating lease liabilities |
600 |
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667 |
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Income taxes payable |
39 |
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50 |
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Total current liabilities |
3,096 |
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3,256 |
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Long-term liabilities: |
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Revolving credit facility |
— |
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350 |
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Long-term debt |
1,488 |
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1,486 |
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Long-term operating lease liabilities |
3,353 |
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3,517 |
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Other long-term liabilities |
512 |
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544 |
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Total long-term liabilities |
5,353 |
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5,897 |
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Total stockholders' equity |
2,595 |
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2,233 |
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Total liabilities and stockholders' equity |
$ 11,044 |
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$ 11,386 |
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CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS |
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UNAUDITED |
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14 Weeks Ended (1) |
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13 Weeks Ended |
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53 Weeks Ended (1) |
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52 Weeks Ended |
($ and shares in millions except per share amounts) |
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Net sales |
$ 4,298 |
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$ 4,243 |
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$ 14,889 |
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$ 15,616 |
Cost of goods sold and occupancy expenses |
2,626 |
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2,819 |
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9,114 |
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10,257 |
Gross profit |
1,672 |
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1,424 |
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5,775 |
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5,359 |
Operating expenses |
1,458 |
|
1,454 |
|
5,215 |
|
5,428 |
Operating income (loss) |
214 |
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(30) |
|
560 |
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(69) |
Interest, net |
(4) |
|
13 |
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4 |
|
70 |
Income (loss) before income taxes |
218 |
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(43) |
|
556 |
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(139) |
Income tax expense |
33 |
|
230 |
|
54 |
|
63 |
Net income (loss) |
$ 185 |
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$ (273) |
|
$ 502 |
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$ (202) |
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Weighted-average number of shares - basic |
372 |
|
366 |
|
370 |
|
367 |
Weighted-average number of shares - diluted |
381 |
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366 |
|
376 |
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367 |
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Net earnings (loss) per share - basic |
$ 0.50 |
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$ (0.75) |
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$ 1.36 |
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$ (0.55) |
Net earnings (loss) per share - diluted |
$ 0.49 |
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$ (0.75) |
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$ 1.34 |
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$ (0.55) |
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(1) Fiscal 2023 includes incremental sales attributable to the 53rd week. |
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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS |
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UNAUDITED |
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53 Weeks Ended |
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52 Weeks Ended |
($ in millions) |
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Cash flows from operating activities: |
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Net income (loss) |
$ 502 |
|
$ (202) |
Depreciation and amortization |
522 |
|
540 |
Loss on divestiture activity |
— |
|
35 |
Gain on sale of building |
(47) |
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(83) |
Change in merchandise inventory |
383 |
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554 |
Change in accounts payable |
42 |
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(540) |
Change in accrued expenses and other current liabilities |
12 |
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(243) |
Change in income taxes payable, net of receivables and other tax-related items |
75 |
|
417 |
Other, net |
43 |
|
129 |
Net cash provided by operating activities |
1,532 |
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607 |
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Cash flows from investing activities: |
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Purchases of property and equipment |
(420) |
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(685) |
Net proceeds from sale of buildings |
76 |
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458 |
Proceeds from divestiture activity |
9 |
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— |
Other |
1 |
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— |
Net cash used for investing activities |
(334) |
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(227) |
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Cash flows from financing activities: |
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Proceeds from revolving credit facility |
— |
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350 |
Repayments of revolving credit facility |
(350) |
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— |
Payments for debt issuance costs |
— |
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(6) |
Proceeds from issuances under share-based compensation plans |
27 |
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27 |
Withholding tax payments related to vesting of stock units |
(20) |
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(20) |
Repurchases of common stock |
— |
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(123) |
Cash dividends paid |
(222) |
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(220) |
Other |
(2) |
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(2) |
Net cash (used for) provided by financing activities |
(567) |
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6 |
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Effect of foreign exchange rate fluctuations on cash, cash equivalents, and restricted cash |
(3) |
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(15) |
Net increase in cash, cash equivalents, and restricted cash |
628 |
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371 |
Cash, cash equivalents, and restricted cash at beginning of period |
1,273 |
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902 |
Cash, cash equivalents, and restricted cash at end of period |
$ 1,901 |
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$ 1,273 |
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(a) For the fifty-three weeks ended |
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NON-GAAP FINANCIAL MEASURES |
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UNAUDITED |
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FREE CASH FLOW |
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Free cash flow is a non-GAAP financial measure. We believe free cash flow is an important metric because it represents a measure of how much cash a company has available for discretionary and non-discretionary items after the deduction of capital expenditures. We require regular capital expenditures including technology improvements as well as building and maintaining our stores and distribution centers. We use this metric internally, as we believe our sustained ability to generate free cash flow is an important driver of value creation. However, this non-GAAP financial measure is not intended to supersede or replace our GAAP results. |
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53 Weeks Ended |
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52 Weeks Ended |
($ in millions) |
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Net cash provided by operating activities |
$ 1,532 |
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$ 607 |
Less: Purchases of property and equipment |
(420) |
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(685) |
Free cash flow |
$ 1,112 |
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$ (78) |
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NON-GAAP FINANCIAL MEASURES |
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UNAUDITED |
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ADJUSTED STATEMENT OF OPERATIONS METRICS FOR FISCAL YEAR 2023 |
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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 restructuring costs and a gain on sale of building. Management believes the adjusted metrics are useful for the assessment of ongoing operations as we believe the adjusted items are not indicative of our ongoing operations, and provide 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. |
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($ in millions)
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Gross |
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Gross |
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Operating |
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Operating |
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Operating |
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Operating |
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Income |
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Net |
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Earnings |
GAAP metrics, as reported |
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$ 5,775 |
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38.8 % |
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$ 5,215 |
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35.0 % |
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$ 560 |
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3.8 % |
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$ 54 |
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$ 502 |
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$ 1.34 |
Adjustments for: |
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Restructuring costs (a) |
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4 |
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— % |
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(89) |
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(0.6) % |
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93 |
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0.6 % |
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23 |
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70 |
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$ 0.19 |
Gain on sale of building |
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— |
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— % |
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47 |
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0.3 % |
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(47) |
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(0.3) % |
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(11) |
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(36) |
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$ (0.10) |
Non-GAAP metrics |
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$ 5,779 |
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38.8 % |
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$ 5,173 |
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34.7 % |
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$ 606 |
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4.1 % |
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$ 66 |
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$ 536 |
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$ 1.43 |
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(a) Includes |
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NON-GAAP FINANCIAL MEASURES |
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UNAUDITED |
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ADJUSTED STATEMENT OF OPERATIONS METRICS FOR FISCAL YEAR 2022 |
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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 impairment of certain inventory, impairment related to the Yeezy Gap business, a loss on divestiture activity, and a gain on sale of building. Management believes the adjusted metrics are useful for the assessment of ongoing operations as we believe the adjusted items are not indicative of our ongoing operations, and provide 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. |
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($ in millions)
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Gross |
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Gross |
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Operating |
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Operating |
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Operating |
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Operating |
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Income |
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Net |
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Earnings |
GAAP metrics, as reported |
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$ 5,359 |
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34.3 % |
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$ 5,428 |
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34.8 % |
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$ (69) |
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(0.4) % |
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$ 63 |
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$ (202) |
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$ (0.55) |
Adjustments for: |
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Inventory impairment charges (a) |
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58 |
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0.4 % |
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— |
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— % |
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58 |
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0.4 % |
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9 |
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49 |
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$ 0.13 |
Yeezy Gap impairment charges (b) |
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53 |
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0.3 % |
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— |
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— % |
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53 |
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0.3 % |
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9 |
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44 |
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$ 0.12 |
Loss on divestiture activity (c) |
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— |
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— % |
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(35) |
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(0.2) % |
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35 |
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0.2 % |
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5 |
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30 |
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$ 0.08 |
Gain on sale of building |
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— |
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— % |
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83 |
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0.5 % |
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(83) |
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(0.5) % |
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(17) |
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(66) |
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$ (0.18) |
Non-GAAP metrics |
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$ 5,470 |
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35.0 % |
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$ 5,476 |
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35.1 % |
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$ (6) |
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— % |
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$ 69 |
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$ (145) |
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$ (0.40) |
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(a) Represents the inventory impairment charges as a result of delayed seasonal product and extended size product, primarily at |
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(c) Represents the impact of the loss on divestiture activity related to the transition of the Old Navy Mexico business. |
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NET SALES RESULTS |
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UNAUDITED |
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The following table details the Company's fourth quarters and fiscal years 2023 and 2022 net sales (unaudited): |
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|
|
|
|
|
|
|
|
|
|
($ in millions) |
|
|
|
Gap |
|
Banana
|
|
|
|
Other (3) |
|
Total |
|
|
|
|
|
|
|
||||||
U.S. (2) |
|
$ 2,107 |
|
$ 768 |
|
$ 494 |
|
$ 407 |
|
$ 17 |
|
$ 3,793 |
|
|
171 |
|
99 |
|
48 |
|
12 |
|
— |
|
330 |
Other regions |
|
10 |
|
140 |
|
25 |
|
— |
|
— |
|
175 |
Total |
|
$ 2,288 |
|
$ 1,007 |
|
$ 567 |
|
$ 419 |
|
$ 17 |
|
$ 4,298 |
|
|
|
|
|
|
|
|
|
|
|
|
|
($ in millions) |
|
|
|
Gap |
|
Banana
|
|
|
|
Other (3) |
|
Total |
13 Weeks Ended |
|
|
|
|
|
|
||||||
U.S. (2) |
|
$ 1,982 |
|
$ 709 |
|
$ 505 |
|
$ 423 |
|
$ 2 |
|
$ 3,621 |
|
|
165 |
|
91 |
|
49 |
|
10 |
|
— |
|
315 |
Other regions |
|
19 |
|
261 |
|
24 |
|
3 |
|
— |
|
307 |
Total |
|
$ 2,166 |
|
$ 1,061 |
|
$ 578 |
|
$ 436 |
|
$ 2 |
|
$ 4,243 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
($ in millions) |
|
|
|
Gap |
|
Banana
|
|
|
|
Other (3) |
|
Total |
|
|
|
|
|
|
|
||||||
U.S. (2) |
|
$ 7,460 |
|
$ 2,470 |
|
$ 1,681 |
|
$ 1,310 |
|
$ 46 |
|
$ 12,967 |
|
|
674 |
|
332 |
|
170 |
|
45 |
|
— |
|
1,221 |
Other regions |
|
69 |
|
539 |
|
88 |
|
5 |
|
— |
|
701 |
Total |
|
$ 8,203 |
|
$ 3,341 |
|
$ 1,939 |
|
$ 1,360 |
|
$ 46 |
|
$ 14,889 |
|
|
|
|
|
|
|
|
|
|
|
|
|
($ in millions) |
|
|
|
Gap |
|
Banana
|
|
|
|
Other (3) |
|
Total |
52 Weeks Ended |
|
|
|
|
|
|
||||||
U.S. (2) |
|
$ 7,471 |
|
$ 2,461 |
|
$ 1,829 |
|
$ 1,428 |
|
$ 12 |
|
$ 13,201 |
|
|
679 |
|
332 |
|
192 |
|
33 |
|
— |
|
1,236 |
Other regions |
|
84 |
|
981 |
|
95 |
|
19 |
|
— |
|
1,179 |
Total |
|
$ 8,234 |
|
$ 3,774 |
|
$ 2,116 |
|
$ 1,480 |
|
$ 12 |
|
$ 15,616 |
|
|
|
|
|
|
|
|
|
(1) Fiscal 2023 includes incremental sales attributable to the 53rd week. |
||||||||
(2) |
||||||||
(3) Primarily consists of net sales from revenue-generating strategic initiatives. |
|
|
|
|
|
|
|
|
|
|
REAL ESTATE |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Store count, openings, closings, and square footage for our stores are as follows: |
|||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
53 Weeks Ended |
|
|
||||
|
Number of
|
|
Number of |
|
Number of |
|
Number of
|
|
Square Footage
|
|
|
|
|
|
|
|
|
|
|
|
1,238 |
|
25 |
|
20 |
|
1,243 |
|
19.8 |
Gap North America |
493 |
|
1 |
|
22 |
|
472 |
|
5.0 |
Gap |
232 |
|
2 |
|
11 |
|
134 |
|
1.2 |
Banana Republic North America |
419 |
|
2 |
|
21 |
|
400 |
|
3.3 |
Banana Republic Asia |
46 |
|
4 |
|
7 |
|
43 |
|
0.2 |
|
257 |
|
25 |
|
12 |
|
270 |
|
1.1 |
Company-operated stores total |
2,685 |
|
59 |
|
93 |
|
2,562 |
|
30.6 |
Franchise (1) |
667 |
|
293 |
|
96 |
|
998 |
|
N/A |
Total |
3,352 |
|
352 |
|
189 |
|
3,560 |
|
30.6 |
|
|
|
|
|
|
|
|
|
(1) The 89 Gap China stores that were transitioned to Baozun during the period are not included as store closures or openings for Company-operated and Franchise store activity. The ending balance for Gap Asia excludes |
View original content to download multimedia:https://www.prnewswire.com/news-releases/gap-inc-reports-fourth-quarter-and-fiscal-2023-results-provides-fiscal-2024-outlook-302083409.html
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