The Gap 2008 Annual Report Download - page 3
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Please find page 3 of the 2008 The Gap annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.DearShareholders,
In1969,abrandwasbornthatchanged
theretaillandscape.TheGap,founded
byDorisandDonFisher,filledaholein
themarket.Itwasmodern.Itwasclean.
Anditwasrevolutionary.
Overthe40yearssincethen,we’vegrowntoincludefivebrands
withmorethan3,100storesaroundtheworld.We’veexperienced
bothbreakthroughsuccessesandchallengingtimes,suchas
today’suncertaineconomicenvironment.
The134,000peoplewhomakeupGapInc.areinspiredbyourpast
andpassionateaboutwinning.Weweredeterminedtomakethis
pastyearaturningpoint.
Fewcompaniesmatchedour2008financialaccomplishmentsas
ourearningsimprovedby16percentyear-over-year.Andasaresult
ofourfinancialdiscipline,wereducedoperatingexpensesby
about$500millionandendedtheyearvirtuallydebt-freewith
nearly$2billionincash.
Butbeyondtheseresults,ourcompanystandsforcreativityand
ingenuity.Inthepagesofthisreport,wecelebratethisfour-
decadelegacy.
Ourfocusgoingforwardistomakemoreprogress,especiallyin
deliveringinnovativeproducts,sothatwecontinuetogetbackto
wherewebelongintheheartsandmindsofourcustomers.
Asweknow,itallstartedwiththeGap.