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G A P I N C . F I N A N C I A L S 2 0 0 5
60 gap inc. 2005 annual report
NOTE M: QUARTERLY INFORMATION (UNAUDITED)
The following quarterly data are derived from the Consolidated Statements of Operations of Gap, Inc.
Financial Data
Per Share Data
Fiscal 2005
($ in millions 13 Weeks Ended 13 Weeks Ended 13 Weeks Ended 13 Weeks Ended 52 Weeks Ended
except per share amounts) April 30, 2005 July 30, 2005 (a) Oct. 29, 2005 (b) Jan. 28, 2006 (c) Jan. 28, 2006 (a), (b), (c)
Net sales $ 3,626 $ 3,716 $ 3,860 $ 4,821 $ 16,023
Gross profit (b) 1,481 1,385 1,363 1,640 5,869
Net earnings 291 272 212 338 1,113
Earnings per share–basic 0.33 0.30 0.24 0.39 1.26
Earnings per share–diluted 0.31 0.30 0.24 0.39 1.24
Fiscal 2004
($ in millions 13 Weeks Ended 13 Weeks Ended 13 Weeks Ended 13 Weeks Ended 52 Weeks Ended
except per share amounts) May 1, 2004 July 31, 2004 Oct. 30, 2004 Jan. 29, 2005 Jan. 29, 2005
Net sales $ 3,668 $ 3,721 $ 3,980 $ 4,898 $ 16,267
Gross profit 1,580 1,432 1,566 1,803 6,381
Net earnings 312 195 265 378 1,150
Earnings per share–basic 0.35 0.22 0.29 0.43 1.29
Earnings per share–diluted 0.33 0.21 0.28 0.40 1.21
(a) During the second quarter of fiscal 2005, we reversed $58 million of our sublease loss reserve due to our decision to occupy one of our vacant leased properties in San Francisco.
See Note E.
(b) During the third quarter of fiscal 2005, we reclassified $30 million of certain year to date sourcing expenses from operating expenses to cost of goods sold and occupancy expenses.
These sourcing expenses were primarily comprised of payroll and benefit expenses for our wholly owned agent offices. Fiscal 2005 impact of this reclassification was $42 million.
This reclassification had no impact on net earnings.
(c) During the fourth quarter of fiscal 2005, we recorded $50 million in cost of goods sold and occupancy expenses representing the cumulative impact of amortizing our key money balance
from fiscal 1995 through the end of fiscal 2005. See Note A.
Market Prices Dividends Paid
Fiscal 2005 2004 2005 (a) 2004
High Low High Low
1st Quarter $ 22.70 $ 20.41 $ 23.39 $ 18.75 $ 0.045 $ 0.0222
2nd Quarter 21.88 19.52 25.72 21.13 0.045 0.0222
3rd Quarter 22.19 15.90 22.76 18.12 0.045 0.0222
4th Quarter 18.75 16.71 23.75 19.90 0.045 0.0222
Year $ 0.180 $ 0.0888
(a) Dividends of $0.0222 declared in the fourth quarter of fiscal 2004 but paid in the first quarter of fiscal 2005 are presented in this table as if paid in the fourth quarter of fiscal 2004.