The Gap 2008 Annual Report Download

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Table of contents

  • Page 1
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  • Page 2
    ฀ ฀ ฀ ฀ ฀ ฀ ฀ ฀ ฀ ฀ ฀ ฀ ฀ ฀ ฀ ฀ ฀ ฀ ฀ ฀ ฀ ฀ ฀ ฀ ฀ ฀ ฀ ฀ ฀ ฀ ฀ ฀ ฀ ฀฀ ฀ ฀ ฀ ฀ ฀ ฀ ฀ ฀ ฀ ฀

  • Page 3
    ...฀economic฀environment. The฀134,000฀people฀who฀make฀up฀Gap฀Inc.฀are฀inspired฀by฀our฀past฀ and฀passionate฀about฀winning.฀We฀were฀determined฀to฀make฀this฀฀ past฀year฀a฀turning฀point.฀ Few฀companies฀matched฀our฀2008฀financial...

  • Page 4
    ...฀and฀make฀ classics฀relevant฀for฀today฀through฀our฀use฀of฀bold฀color,฀emotional฀ details฀and฀great฀fits. With฀a฀clear฀brand฀vision฀and฀effortlessly฀cool฀product,฀Gap฀is฀฀ re-connecting฀with฀its฀target฀customer-men฀and฀women฀ages...

  • Page 5
    Opposite฀page:฀Gap฀"Lenny฀Kravitz฀:฀Individuals฀of฀Style,"฀1993.฀฀฀฀฀This฀page:฀Gap,฀Spring฀2009.

  • Page 6
    ...฀an฀affordable฀luxury฀brand฀with฀more฀than฀600฀ stores฀worldwide. The฀luxury฀consumer฀is฀much฀more฀cost฀conscious฀today,฀and฀฀ Banana฀Republic฀is฀especially฀well฀positioned฀to฀appeal฀to฀a฀broader฀ range฀of฀customers฀looking฀for...

  • Page 7
    Opposite฀page:฀Banana฀Republic,฀Spring฀2006 This฀page:฀Banana฀Republic฀"Chris฀Carrabba฀:฀City฀Stories,"฀Spring฀2009.฀

  • Page 8
    ...฀for฀the฀whole฀family. But฀when฀the฀company฀stepped฀away฀from฀this฀focus฀in฀2007,฀ customers฀were฀disappointed.฀In฀2008,฀we฀strengthened฀our฀฀ leadership฀team,฀clarified฀the฀brand's฀positioning,฀and฀re-centered฀ Old฀Navy฀on฀its...

  • Page 9
    Opposite฀page:฀Old฀Navy฀"Carrie฀Donovan,"฀1998.฀฀฀฀฀This฀page:฀Old฀Navy฀"Supermodelquins,"฀Spring฀2009.฀

  • Page 10
    ...into฀our฀online฀shopping฀ experience฀in฀early฀2009. Looking฀ahead,฀we฀plan฀to฀extend฀our฀online฀business฀ into฀Canada฀and฀the฀U.K.฀in฀2010. International Our฀brands฀also฀increased฀our฀total฀sales฀outside฀ North฀America฀in฀2008฀as...

  • Page 11
    ...New฀store฀prototypes฀are฀ underway฀at฀each฀brand฀as฀we฀work฀to฀modernize฀our฀ fleet,฀improve฀productivity฀at฀each฀store,฀and฀create฀ distinct฀product฀assortments฀for฀our฀customers.฀ As฀I฀noted฀earlier,฀product฀is฀the฀end฀game...

  • Page 12
    ... Despite฀a฀challenging฀retail฀environment,฀Gap฀Inc.฀delivered฀ solid฀financial฀results฀in฀fiscal฀2008.฀Overall฀cost฀management฀ and฀our฀brands'฀ability฀to฀drive฀healthy฀margins฀contributed฀ to฀a฀full-year฀net฀earnings฀increase฀of...

  • Page 13
    ... San Francisco, California (Address of principal executive offices) 94-1697231 (I.R.S. Employer Identification No.) 94105 (Zip code) Registrant's telephone number, including area code: (650) 952-4400 Securities registered pursuant to Section 12(b) of the Act: Common Stock, $0.05 par value New York...

  • Page 14
    ... 2009; (xi) the number of new store openings and store closings in fiscal 2009; (xii) net square footage change in fiscal 2009; (xiii) our plan to maintain our dividend in fiscal 2009; (xiv) future share repurchases, including repurchases from members of the Fisher family; (xv) the expected payments...

  • Page 15
    ... on Accounting and Financial Disclosure ...Controls and Procedures ...Other Information ...PART III Item 10. Item 11. Item 12. Item 13. Item 14. Directors, Executive Officers and Corporate Governance ...Executive Compensation ...Security Ownership of Certain Beneficial Owners and Management and...

  • Page 16
    ..., and sports and active apparel. We also operate Gap Outlet stores, which carry similar categories of products. Old Navy. We launched Old Navy in 1994 to address the market for value-priced family apparel. Old Navy offers broad selections of apparel, shoes, and accessories for adults, children, and...

  • Page 17
    ... leading brands in women's active wear, online or through the catalog. Certain financial information about international operations is set forth under the heading "Segment Information" in Note 16 of Notes to Consolidated Financial Statements included in Part II, Item 8 of this Form 10-K. Our stores...

  • Page 18
    ..."). Our Code of Business Conduct, Board of Directors Committee Charters (Audit and Finance, Compensation and Management Development, Governance, Nominating and Social Responsibility Committees), and Corporate Governance Guidelines are also available on our website. The Code of Business Conduct can...

  • Page 19
    ... Executive Officer of Shoppers Drug Mart Corporation, a drug store chain, from 2001 to 2007. Art Peck, 53, Executive Vice President of Strategy and Operations since May 2005; President, Gap Inc. Outlet since October 2008; Acting President, Gap Inc. Outlet from February 2008 to October 2008; Senior...

  • Page 20
    ..., square footage, co-tenancies, lease economics, demographics, and other factors, including our ability to negotiate terms that meet our financial targets. In addition, we must be able to effectively renew our existing store leases. Failure to secure real estate locations adequate to meet annual...

  • Page 21
    ...marketing techniques, providing an appropriate mix of merchandise for our broad and diverse customer base, managing inventory effectively, using effective pricing strategies, and optimizing store performance. Failure to meet the expectations of investors, security analysts, or credit rating agencies...

  • Page 22
    ... its credit ratings. As of January 31, 2009, the Company had $1.8 billion in cash, cash equivalents, and restricted cash. For further information on our debt and credit facilities see the sections entitled "Debt" and "Credit Facilities" in our "Management's Discussion and Analysis of Financial...

  • Page 23
    ...extent that these third parties do not operate their stores in a manner consistent with our requirements regarding our brand identities and customer experience standards, the value of our brands could be impaired. A failure to protect the value of our brands or any other harmful acts or omissions by...

  • Page 24
    ... marketed for sublease to others. We also lease 19 regional offices in North America and 36 international offices. We own approximately 8.6 million square feet of distribution space located in Fresno, California; Fishkill, New York; Groveport, Ohio; Gallatin, Tennessee; Brampton, Ontario, Canada...

  • Page 25
    .... However, we do not believe that the outcome of any current Action would have a material adverse effect on our results of operations, cash flows, or financial position taken as a whole. Item 4. Submission of Matters to a Vote of Security Holders. Not applicable. 13

  • Page 26
    ... is the New York Stock Exchange. The number of holders of record of our stock as of March 23, 2009 was 9,236. The table below sets forth the market prices and dividends declared and paid for each of the fiscal quarters in fiscal 2008 and 2007. Market Prices Fiscal Year 2008 Fiscal Year 2007 High...

  • Page 27
    ... purchases of common stock of the Company made during the thirteen weeks ended January 31, 2009, by The Gap, Inc. or any affiliated purchaser, as defined in Exchange Act Rule 10b-18(a)(3). Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs Maximum Number (or approximate...

  • Page 28
    ... and Analysis of Financial Condition and Results of Operations" in Item 7 and the Company's Consolidated Financial Statements and related notes herein. 2008 (52) Fiscal Year (number of weeks) 2007 (52) 2006 (53) 2005 (52) 2004 (52) Operating Results ($ in millions) Net sales ...Gross margin...

  • Page 29
    ...Based on year-end inventory balance and store square footage. Excludes inventory related to our Direct segment and wholesale and franchise businesses. Also excludes inventory and square footage related to the discontinued operation of Forth & Towne. (d) For fiscal 2008, 2007, and 2006, reduction due...

  • Page 30
    .... Overview We are a global specialty retailer offering clothing, accessories, and personal care products for men, women, children, and babies under the Gap, Old Navy, Banana Republic, Piperlime, and Athleta brands. We operate stores in the United States, Canada, the United Kingdom, France, Ireland...

  • Page 31
    ... by Brand, Region, and Reportable Segment Net sales primarily consist of retail sales, online sales, and shipping fees received from customers for delivery of merchandise. Outlet retail sales are reflected within the respective results of each brand. Fiscal years ended January 31, 2009 (fiscal 2008...

  • Page 32
    Net sales by brand, region, and reportable segment are as follows: ($ in millions) Fiscal Year 2008 Gap Old Navy Banana Republic Other (3) Total U.S. (1) ...Canada ...Europe ...Asia ...Other Regions ...Total Stores reportable segment ...Direct reportable segment (2) ...Total ...Sales Growth (...

  • Page 33
    ... for the same days in the following year. Store Count and Square Footage Information Net sales per average square foot is as follows: 2008 Fiscal Year 2007 2006 Net sales per average square foot (1) ...(1) $336 $376 $395 Excludes net sales associated with the Direct segment and our wholesale...

  • Page 34
    ...related benefits; • production costs; • insurance costs related to merchandise; and • rent, occupancy, depreciation, amortization, common area maintenance, real estate taxes, and utilities related to store operations, distribution centers, and certain corporate functions. 22 Gap Inc. Form 10...

  • Page 35
    ... price and a higher margin achieved for marked down merchandise. Occupancy expenses increased 1.1 percentage points as a percentage of net sales in fiscal 2007 compared with fiscal 2006. • For the Direct reportable segment, cost of goods sold and occupancy expenses as a percentage of net sales...

  • Page 36
    ... include: • payroll and related benefits (for our store operations, field management, distribution centers, and corporate functions); • advertising; • general and administrative expenses; • costs to design and develop our products; • merchandise handling and receiving in distribution...

  • Page 37
    ... to the Forth & Towne brand, whose stores were closed by the end of June 2007. Loss from the discontinued operation of Forth & Towne, net of income tax benefit, was $34 million and $31 million for fiscal 2007 and fiscal 2006, respectively. Liquidity and Capital Resources Our largest source of...

  • Page 38
    ...available cash. Our business follows a seasonal pattern, with sales peaking over a total of about eight weeks during the holiday period. During fiscal 2008, 2007, and 2006, the holiday period accounted for 21 percent, 22 percent, and 21 percent, respectively, of our annual net sales. The seasonality...

  • Page 39
    ... and equipment in fiscal 2007 compared with fiscal 2006. For fiscal 2009, we expect capital expenditures to be about $350 million. We expect to open about 50 new store locations and to close about 100 store locations. As a result, we expect net square footage to decrease about 2 percent for fiscal...

  • Page 40
    ... merchandise has shipped. Vendor payables are recorded in the Consolidated Balance Sheets at the time of merchandise title transfer, although the letters of credit are generally issued prior to this. Over the past three years, we have migrated most of our merchandise vendors to open account payment...

  • Page 41
    ... in the Consolidated Balance Sheet as of January 31, 2009. (c) Maintenance, insurance, taxes, and contingent rent obligations are excluded. See Note 11 of Notes to the Consolidated Financial Statements for discussion of our operating leases. (d) Represents estimated open purchase orders to...

  • Page 42
    ... not recorded in the Consolidated Balance Sheet; however, the minimum lease payments related to these leases are disclosed in Note 11 of Notes to the Consolidated Financial Statements. Purchase obligations include our non-exclusive services agreement with International Business Machines Corporation...

  • Page 43
    ...future cash flows requires management to make assumptions and to apply judgment, including forecasting future sales and expenses and estimating useful lives of the assets. These estimates can be affected by factors such as future store results, real estate demand, and economic conditions that can be...

  • Page 44
    ...the related cost of goods sold at the time the products are received by the customers. For store sales, revenue is recognized when the customer receives and pays for the merchandise at the register, primarily with either cash or credit card. For sales from our online and catalog business, revenue is...

  • Page 45
    ... we operate. Our effective tax rate in a given financial statement period may also be materially impacted by changes in the mix and level of earnings, changes in the expected outcome of audits or changes in the deferred tax valuation allowance. At any point in time, many tax years are subject to or...

  • Page 46
    ... in Note 8 of Notes to the Consolidated Financial Statements. The derivative financial instruments are recorded in the Consolidated Balance Sheets at their fair value as of the balance sheet dates. We have performed a sensitivity analysis as of January 31, 2009 and February 2, 2008, based on a model...

  • Page 47
    ... THE GAP, INC. INDEX TO CONSOLIDATED FINANCIAL STATEMENTS Page Report of Independent Registered Public Accounting Firm ...Consolidated Balance Sheets as of January 31, 2009 and February 2, 2008 ...Consolidated Statements of Earnings for the fiscal years ended January 31, 2009, February 2, 2008, and...

  • Page 48
    ... financial statements, the Company adopted Financial Accounting Standards Board Interpretation No. 48, Accounting for Uncertainty in Income Taxes-an interpretation of FASB Statement No. 109, on February 4, 2007. /s/ Deloitte & Touche LLP San Francisco, California March 27, 2009 36 Gap Inc. Form...

  • Page 49
    ... BALANCE SHEETS ($ and shares in millions except par value) January 31, 2009 February 2, 2008 ASSETS Current assets: Cash and cash equivalents ...Short-term investments ...Restricted cash ...Merchandise inventory ...Other current assets ...Total current assets ...Property and equipment, net...

  • Page 50
    THE GAP, INC. CONSOLIDATED STATEMENTS OF EARNINGS ($ and shares in millions except per share amounts) 2008 Fiscal Year 2007 2006 Net sales ...Cost of goods sold and occupancy expenses ...Gross profit ...Operating expenses ...Operating income ...Interest expense ...Interest income ...Earnings from ...

  • Page 51
    ..., net of tax of $10 ...Reclassification adjustment for realized losses on derivative financial instruments, net of tax benefit of ($1) ...Issuance of common stock pursuant to stock option and other stock award plans, net of shares withheld for employee taxes ...14 Tax benefit from exercise of stock...

  • Page 52
    ... FLOWS Fiscal Year ($ in millions) 2008 2007 2006 Cash flows from operating activities: Net earnings ...Adjustments to reconcile net earnings to net cash provided by operating activities: Depreciation and amortization (a) ...Share-based compensation ...Tax benefit from exercise of stock options and...

  • Page 53
    ... offering clothing, accessories, and personal care products for men, women, children, and babies under the Gap, Old Navy, Banana Republic, Piperlime, and Athleta brands. We operate stores in the United States, Canada, the United Kingdom, France, Ireland, and Japan, while our independent third-party...

  • Page 54
    ... 2006 Consolidated Financial Statements. We review our inventory levels in order to identify slow-moving merchandise and broken assortments (items no longer in stock in a sufficient range of sizes) and use markdowns to clear merchandise. We value inventory at the lower of cost or market and record...

  • Page 55
    ...of Staff Accounting Bulletin No. ("SAB") 101, "Revenue Recognition in Financial Statements," as amended by SAB 104, "Revenue Recognition." Revenue is recognized for store sales when the customer receives and pays for the merchandise at the register. For sales from our online and catalog business, we...

  • Page 56
    ... benefits (for our store operations, field management, distribution centers, and corporate functions); • advertising; • general and administrative expenses; • costs to design and develop our products; • merchandise handling and receiving in distribution centers and stores; • distribution...

  • Page 57
    ... cost net of estimated forfeitures over the vesting period of the share-based compensation awards. We estimate the forfeiture rate based on historical experience as well as expected future behavior. See Note 10 of Notes to Consolidated Financial Statements. Unredeemed Gift Cards, Gift Certificates...

  • Page 58
    ... store locations and online. The co-branded credit card is a VISA credit card bearing the logo of one of our brands and can be used any place that accepts VISA credit cards. A third-party financing company is the sole owner of the accounts issued under the Credit Card programs and this third-party...

  • Page 59
    ... Note 2. Additional Financial Statement Information Cash and Cash Equivalents and Short-Term Investments Cash, cash equivalents, and short-term investments consist of the following: ($ in millions) January 31, 2009 February 2, 2008 Cash ...U.S. Treasury and agency securities ...Domestic commercial...

  • Page 60
    ...Financial Statements for the impairment charge related to the closure of Forth & Towne. Other Long-Term Assets Other long-term assets consist of the following: ($ in millions) January 31, 2009 February 2, 2008 Long-term tax-related assets ...Goodwill ...Trade name ...Lease rights and key money, net...

  • Page 61
    ... 31, 2009 February 2, 2008 Accrued compensation and benefits ...Unredeemed gift cards, gift certificates, and vouchers ...Deferred rent and tenant allowances ...Derivative financial instruments ...Workers' compensation ...General insurance liability ...Sales return allowance ...Credit card reward...

  • Page 62
    ...in the sales return allowance account is as follows: ($ in millions) January 31, 2009 February 2, 2008 February 3, 2007 Balance at beginning of fiscal year ...Additions ...Returns ...Balance at end of fiscal year ... $ 22 700 (701) $ 21 $ 21 698 (697) $ 22 $ 18 672 (669) $ 21 Note 3. Acquisition...

  • Page 63
    ... 2007. The results of Forth & Towne, net of income tax benefit, have been presented as a discontinued operation in the Consolidated Statements of Earnings for all periods presented and are as follows: ($ in millions) 2008 Fiscal Year 2007 2006 Net sales ...Loss from discontinued operation, before...

  • Page 64
    ...and prime money market funds, domestic commercial paper, and bank securities. These securities are stated at amortized cost, which approximates fair market value due to the short maturities of these investments and are recorded based on quoted market prices. Note 8. Derivative Financial Instruments...

  • Page 65
    ...the time the royalty payment is made. We had an unrealized loss, net of tax, of $2 million as of January 31, 2009 and February 2, 2008. There were no material amounts recorded in fiscal 2008, 2007, or 2006 resulting from hedge ineffectiveness. At January 31, 2009 and February 2, 2008, the fair value...

  • Page 66
    ... to Fisher family members as of January 31, 2009. Note 10. Share-Based Compensation Total share-based compensation expense recognized in the Consolidated Statements of Earnings, primarily in operating expenses, is as follows: ($ in millions) 2008 Fiscal Year 2007 2006 Stock options ...Stock units...

  • Page 67
    ... other stock awards are granted to officers, directors, eligible employees, and consultants at exercise prices or with initial values equal to the fair market value of the stock at the date of grant or as determined by the Compensation and Management Development Committee of the Board of Directors...

  • Page 68
    ...the employee and is immediate in the case of members of the Board of Directors. In some cases, vesting is subject to the attainment of a pre-determined financial target ("Performance Shares"). In accordance with SFAS 123(R), we recognize the estimated share-based compensation cost of Stock Units net...

  • Page 69
    .... We record share-based compensation cost based on the grant-date fair value and the probability that the pre-determined financial target will be achieved. A summary of Stock Unit activity under the 2006 Plan for fiscal 2008 is as follows: Shares Weighted-Average Grant-Date Fair Value Balance at...

  • Page 70
    ...fiscal 2008, 2007, and 2006, respectively. All shares for ESPP purchases are issued from treasury stock. At January 31, 2009, there were 10,259,290 shares reserved for future issuances. Note 11. Leases We lease most of our store premises and some of our corporate facilities and distribution centers...

  • Page 71
    Note 12. Income Taxes For financial reporting purposes, components of earnings from continuing operations before income taxes are as follows: ($ in millions) 2008 Fiscal Year 2007 2006 United States ...Foreign ... $1,209 375 $1,584 $1,073 333 $1,406 $ 995 320 $1,315 The provision for income ...

  • Page 72
    ... the foreign losses do not expire. The activity related to our unrecognized tax benefits is as follows: ($ in millions) January 31, 2009 February 2, 2008 Balance at beginning of fiscal year ...Increases related to current year tax positions ...Prior year tax positions Increases ...Decreases ...Cash...

  • Page 73
    ... Company. Our contributions to the deferred compensation plan in fiscal 2008, 2007, and 2006 were not material. We do not match non-employee members of the Board of Directors contributions under the deferred compensation plan. Note 14. Earnings Per Share Basic earnings per share are computed as net...

  • Page 74
    ...charges during fiscal 2008, 2007, and 2006, respectively. Based on the current projection of service needs, we expect to pay approximately $741 million to IBM over the remaining term of the contract. We have assigned certain store and corporate facility leases to third parties as of January 31, 2009...

  • Page 75
    ...Accounting Policies. Net sales by brand, region, and reportable segment are as follows: ($ in millions) Fiscal Year 2008 Gap Old Navy Banana Republic Other (3) Total Percentage of Net Sales U.S. (1) ...Canada ...Europe ...Asia ...Other Regions ...Total Stores reportable segment ...Direct reportable...

  • Page 76
    Fiscal Year 2006 Gap Old Navy Banana Republic Other (3) Total Percentage of Net Sales U.S. (1) ...Canada ...Europe ...Asia ...Other Regions ...Total Stores reportable segment ...Direct reportable segment (2) ...Total ...(1) U.S. includes the United States and Puerto Rico. $4,494 $6,042 $2,...

  • Page 77
    Selected financial information by reportable segment, excluding results of the discontinued operation of Forth & Towne, and reconciliations to our consolidated totals are as follows: ($ in millions) 2008 Fiscal Year 2007 2006 Operating income: Stores ...Direct (1) ...Operating income ......

  • Page 78
    ... following quarterly data are derived from our Consolidated Statements of Earnings: 13 Weeks Ended May 3, 2008 13 Weeks Ended August 2, 2008 13 Weeks Ended November 1, 2008 13 Weeks Ended January 31, 2009 52 Weeks Ended January 31, 2009 ($ in millions except per share amounts) Net sales ...Gross...

  • Page 79
    ... Act Rule 13a-15(e)) as of the end of the period covered by this Annual Report on Form 10-K. Based upon that evaluation, the Chief Executive Officer and Chief Financial Officer concluded that the Company's disclosure controls and procedures are effective. Management's Report on Internal Control...

  • Page 80
    ... of ethics, our Code of Business Conduct, that applies to all employees including our principal executive officer, principal financial officer, controller and persons performing similar functions. Our Code of Business Conduct is available on our website, www.gapinc.com, under "Investors, Corporate...

  • Page 81
    ...8 of this Form 10-K. Financial Statement Schedule: Schedules are included in the Consolidated Financial Statements or notes of this Form 10-K or are not required. Exhibits: The exhibits listed in the accompanying index to exhibits are filed or incorporated by reference as part of this Form 10-K. 69

  • Page 82
    ... L. SIMMONS Sabrina L. Simmons Executive Vice President and Chief Financial Officer (Principal Financial and Accounting Officer) Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following persons on behalf of the registrant and in the...

  • Page 83
    .... Indenture, dated November 21, 2001, between Registrant and The Bank of New York, filed as Exhibit 4.2 to Registrant's Annual Report on Form 10-K for the year ended February 2, 2002, Commission File No. 1-7562. Credit Agreement, dated as of August 30, 2004, among The Gap, Inc., the LC Subsidiaries...

  • Page 84
    ..., Commission File No. 1-7562. Letter Agreement dated April 1, 2008 regarding the 3-Year Letter of Credit Agreement with Citicorp USA Inc., filed as Exhibit 10.7 to Registrant's Form 10-Q for the quarter ended May 3, 2008, Commission File No. 1-7562. 364-Day LC Agreement dated as of May 6, 2005 among...

  • Page 85
    ... filed as Appendix C to Registrant's definitive proxy statement for its annual meeting of stockholders held on May 14, 2003, Commission File No. 1-7562. Form of Nonqualified Stock Option Agreement for employees under Registrant's 1996 Stock Option and Award Plan, filed as Exhibit 10.5 to Registrant...

  • Page 86
    ...No. 1-7562. UK Employee Stock Purchase Plan, filed as Exhibit 4.1 to Registrant's Registration Statement on Form S-8, Commission File No. 333-47508. 2002 Stock Option Plan, as amended, (formerly the 1999 Stock Option Plan as amended and Stock Up On Success, The Gap, Inc.'s Stock Option Bonus Program...

  • Page 87
    ... 10.35 to Registrant's Form 10-K for the year ended January 31, 2004, Commission File No. 1-7562. Form of Discounted Stock Option Agreement under the Nonemployee Director Deferred Compensation Plan, filed as Exhibit 4.5 to Registrant's Registration Statement on Form S-8, Commission File No. 333...

  • Page 88
    ... 1-7562. Form of Director Stock Unit Agreement and Stock Unit Deferral Election Form under the 2006 LongTerm Incentive Plan, filed as Exhibit 10.4 to Registrant's Form 10-Q for the quarter ended November 3, 2007, Commission File No. 1-7562. Summary of Revised Timing of Annual Board Member Stock Unit...

  • Page 89
    ..., and confirmed on December 9, 2008. Summary of Non-employee Director Compensation, filed as Exhibit 10.77 to Registrant's Form 10-K for the year ended January 28, 2006, Commission File No. 1-7562. Summary of Non-employee Director Compensation effective May 2006, filed as Exhibit 10.6 to Registrant...

  • Page 90
    ... with Glenn Murphy for Corporate Jet Usage and Reimbursement for Commercial Travel, filed as Exhibit 101 to Registrant's Form 10-K for the year ended February 2, 2008, Commission File No. 1-7562. Code of Business Conduct, filed as Exhibit 14 to Registrant's Form 10-K for the year ended January 28...

  • Page 91
    ...-Gavin EVP,฀Human฀Resources,฀Communications,฀฀ and฀Global฀Responsibility Sabrina฀Simmons EVP฀and฀Chief฀Financial฀Officer฀ Stephen฀Sunnucks President,฀Europe฀and฀Strategic฀Alliances Tom฀Wyatt President,฀Old฀Navy David฀Zoba SVP,฀Corporate฀Real฀Estate...

  • Page 92
    ... Outside฀the฀U.S.฀:฀706-634-4421 Stock฀Exchange฀Listing Trading฀Symbol฀"GPS"฀/฀New฀York฀Stock฀Exchange Annual฀Shareholders'฀Meeting May฀19,฀2009,฀10฀a.m.฀ Gap฀Inc.฀฀ 2฀Folsom฀Street฀ San฀Francisco,฀CA฀94105฀ Independent฀Auditors Deloitte...

  • Page 93
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