Quarterly Supplemental Materials FIRST QUARTER FISCAL 2023 -MAY 25, 2023 Non-GAAP Financial Measures These materials include the non-GAAP measures adjusted gross profit, adjusted gross margin, adjusted operating expense, adjusted operating income, adjusted operating margin, adjusted diluted earnings per share, and free cash flow. The description and reconciliation of these measures from the most directly comparable GAAP measure is provided in these materials and/or in our earnings press releases for the per ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☑ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended April 29, 2023 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number 1-7562 THE GAP, INC. (Exact name of registrant as specified in its charter) (State or other jurisdiction of incorporation or organiz ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K (Mark One) ☑ Annual report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the fiscal year ended January 28, 2023 ☐ Transition report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the transition period from to Commission File Number 1-7562 THE GAP, INC. (Exact name of registrant as specified in its charter) Delaware 94-1697231 (State of Incorporation) (I.R.S. Employer Ide ...

Financial Data and Key Metrics Changes - Fourth quarter net sales decreased 6% to $4.24 billion, or 5% on a constant currency basis, in line with expectations of mid-single-digit declines [25][24] - Fiscal 2022 net sales were $15.6 billion, down 6% compared to last year, including a 1 point foreign exchange headwind [32] - Fourth quarter net income was a loss of $273 million, with EPS at a loss of $0.75 [31] Business Line Data and Key Metrics Changes - Old Navy sales in the fourth quarter were $2.2 billion, down 6% versus last year, with comparable sales down 7% [26] - Gap brand total sales were $1.1 billion, down 9% versus last year, with comparable sales down 4% [27] - Banana Republic sales were down 6% to $578 million in the fourth quarter, with comparable sales down 3% [28] - Athleta sales were $436 million, down 1%, but up 51% compared to 2019 pre-pandemic levels [29] Market Data and Key Metrics Changes - Store sales decreased 3% from the prior year, while online sales were down 10% and represented 41% of total sales in the quarter [26] - Old Navy maintained market share in the second half of the year, driven by gains in women's [27] - Gap brand experienced continued weakness in the kids and baby categories, offset by strength in women's [28] Company Strategy and Development Direction - The company is undergoing transformative change to build a healthier organization, focusing on cost reduction and improving operational efficiency [21][22] - A simplified leadership and operating structure was announced, aiming for $300 million in annualized savings, with half expected to be realized in fiscal 2023 [8][24] - The company is rationalizing technology investments and optimizing marketing to better align brand messaging [8] Management's Comments on Operating Environment and Future Outlook - Management expressed cautious optimism about entering fiscal 2023 in a stronger position, despite ongoing consumer and macroeconomic uncertainties [24][22] - The company is planning for sales to be down in the mid-single-digit range year-over-year for the first quarter, influenced by external factors like the sale of Gap China [39][38] - Management acknowledged challenges in product acceptance, particularly at Athleta, and emphasized the need for improved product offerings [53][29] Other Important Information - The company ended fiscal 2022 with $1.2 billion in cash, an increase of almost 40% from last year [35] - The company plans to close 50 to 55 Gap and Banana Republic stores while opening 30 to 35 Old Navy and Athleta stores [42] - The company is committed to maintaining a quarterly dividend of $0.15 per share [35] Q&A Session Summary Question: Timeline for Old Navy's return to positive comparable sales growth - Management noted improvements in women's strength and inventory cleanup, indicating a positive direction but did not specify a timeline [45][47] Question: Competitive positioning and pricing environment for Old Navy - Management expressed confidence in Old Navy's value proposition and noted a focus on cleaner inventories to reduce promotional aggressiveness [51][52] Question: Inventory planning and responsive capabilities - Management highlighted the importance of responsive capabilities and the opportunity to bring in newness, with a focus on improving stock-to-sales ratios [56][58] Question: Breakdown of $550 million in annualized savings - Management provided details on the savings, including $250 million from previous actions and an additional $300 million from new organizational changes [61][63] Question: Health of the consumer and its impact on sales - Management observed that lower-income consumers are still impacted, but overall consumer health remains stable, with cautious monitoring of trends [70][69]

Gap Inc. Fiscal 2022 Bob Martin INTERIM CHIEF EXECUTIVE OFFICER Katrina O'Connell CHIEF FINANCIAL OFFICER Haio Barbeito OLD NAVY CHIEF EXECUTIVE OFFICER FOURTH QUARTER EARNINGS RESULTS Forward Looking Statements / Non-GAAP Financial Measures FORWARD LOOKING STATEMENTS This conference call and webcast contain forward-looking statements within the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. All statements other than those that are purely historical are forward-looking sta ...

The Gap, Inc. (NYSE:GPS) Q3 2022 Earnings Conference Call November 17, 2022 5:00 PM ET Company Participants Cammeron McLaughlin - Head, Investor Relations Bobby Martin - Interim Chief Executive Officer Katrina O'Connell - Chief Financial Officer Conference Call Participants Lorraine Hutchinson - Bank of America Bob Drbul - Guggenheim Alex Straton - Morgan Stanley Paul Lejuez - Citi Mark Altschwager - Baird Brooke Roach - Goldman Sachs Oliver Chen - Cowen Jesse Sobelson - Wells Fargo Matthew Boss - JPMorgan ...

The Gap, Inc. (NYSE:GPS) Q2 2022 Results Conference Call August 25, 2022 5:00 PM ET Company Participants Cammeron McLaughlin - Head-Investor Relations Bobby Martin - Chief Executive Officer Katrina O’Connell - Chief Financial Officer Conference Call Participants Lorraine Hutchinson - Bank of America Matthew Boss - JPMorgan Bob Drbul - Guggenheim Partners Brooke Roach - Goldman Sachs Dana Telsey - Telsey Advisory Group Mark Altschwager - Baird Oliver Chen - Cowen Simeon Siegel - BMC Paul Levy - Citigroup Jan ...