Banana Republic 2008 Annual Report Download

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Table of contents

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

  • Page 3
    ...฀point.฀ Few฀companies฀matched฀our฀2008฀financial฀accomplishments฀as฀ our฀earnings฀improved฀by฀16฀percent฀year-over-year.฀And฀as฀a฀result฀ of฀our฀financial฀discipline,฀we฀reduced฀operating฀expenses฀by฀ about฀$500฀million฀and฀ended...

  • Page 4
    ...great฀fits. With฀a฀clear฀brand฀vision฀and฀effortlessly฀cool฀product,฀Gap฀is฀฀ re-connecting฀with฀its฀target฀customer-men฀and฀women฀ages฀฀ 25฀to฀35฀looking฀to฀express฀their฀unique,฀personal฀style.฀ Across฀each฀Gap฀sub-brand,฀we...

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

  • Page 6
    ...฀about฀4,000฀specialty฀shops,฀we฀broadened฀our฀reach. The฀popularity฀of฀our฀Banana฀Republic฀store฀in฀the฀United฀Kingdom,฀ one฀year฀after฀opening,฀demonstrates฀the฀significant฀potential฀for฀ this฀elevated฀brand฀across฀Europe. While฀we...

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

  • Page 8
    ...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฀core฀values:฀family...

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

  • Page 10
    ...date,฀we฀have฀opened฀ more฀than฀120฀Gap฀and฀Banana฀Republic฀stores฀฀ in฀14฀countries.฀In฀2009,฀we฀plan฀to฀expand฀our฀ portfolio฀in฀four฀more฀countries,฀and฀add฀nearly฀60฀ additional฀stores. Online Outlet Our฀Outlet฀stores฀are...

  • Page 11
    ...potential฀growth. With฀our฀global฀brands฀and฀expanding฀markets,฀ we're฀well฀positioned฀to฀perform฀better฀than฀the฀ competition฀and,฀ultimately,฀gain฀back฀market฀share.฀ We฀recognize฀this฀will฀take฀some฀time,฀as฀well฀as฀ new฀thinking...

  • Page 12
    ...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฀16฀percent฀over฀fiscal฀ 2007.฀We฀also฀ended...

  • Page 13
    ...the fiscal year ended January 31, 2009 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 (Exact name of registrant as specified in its charter) THE GAP, INC. Delaware (State of Incorporation...

  • Page 14
    ... improving product, and creating new store prototypes; (xxvi) growing our international, online, and outlet businesses; (xxvii) maximizing earnings potential; and (xxviii) performing better than the competition and gaining back market share. Because these forward-looking statements involve risks and...

  • Page 15
    ... 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 Related...

  • Page 16
    ... 1988. 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, and...

  • Page 17
    ...the size and location of the store. Our stores generally are open seven days per week (where permitted by law) and most holidays. All sales are tendered for cash, personal checks, debit cards, or credit cards. We also issue and redeem gift cards through our brands. Gap, Banana Republic, and Old Navy...

  • Page 18
    ...small part of our business in the near future, we plan to continue to increase the number of countries in which we enter into these types of arrangements over time as part of our efforts to expand internationally. For additional information on risks related to our franchise business, see the section...

  • Page 19
    ..., Old Navy from February 2008 to August 2008; President, Gap Inc. Outlet from February 2007 to February 2008; President, GapBody from March 2006 to February 2007; President and Chief Executive Officer of Cutter & Buck Inc., an apparel company, from December 2004 to March 2006; Corporate Officer and...

  • Page 20
    ... on consumer spending patterns. The global specialty apparel retail industry is highly competitive. We compete with national and local department stores, specialty and discount store chains, independent retail stores and online businesses that market similar lines of merchandise. We face a variety...

  • Page 21
    ...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 in one or more future periods could reduce the market price of our common stock and...

  • Page 22
    ...data center, and store operations, as well as help desk, end user support, and some disaster recovery. The agreement was amended effective March 2, 2009 to return to us certain services originally performed by IBM under the agreement. These returned services include services related to management of...

  • Page 23
    ..., we plan to continue to increase these types of arrangements over time as part of our efforts to expand internationally. The effect of these arrangements on our business and results of operations is uncertain and will depend upon various factors, including the demand for our products in new markets...

  • Page 24
    ..., product safety, transportation/logistics, health care, tax, privacy, or environmental issues could have an adverse impact on our financial condition and results of operations. Item 1B. Unresolved Staff Comments. None. Item 2. Properties. We operate stores in the United States, Canada, the United...

  • Page 25
    ..., settlement, or resolution. 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
    ... Issuer Purchases of Equity Securities. The principal market on which our stock is traded 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...

  • Page 27
    ... presents information with respect to 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...

  • Page 28
    ... of business, net of cash acquired (e) ...Number of store locations opened ...Number of store locations closed ...Number of store locations open at year-end ...Percentage decrease in comparable store sales (52-week basis) ...Square footage of store space at year-end (f) ...Percentage increase...

  • Page 29
    ... 2005. (c) 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...

  • Page 30
    ... and Results of Operations. 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...

  • Page 31
    ... 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) and February 2, 2008 (fiscal 2007) had 52 weeks. Fiscal year ended...

  • Page 32
    ... 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 (Decline) ...Fiscal...

  • Page 33
    ... of Store Locations Fiscal 2008 Number of Stores Number of Stores Opened Closed January 31, 2009 Number of Square Footage Store Locations (in millions) Gap North America ...Gap Europe ...Gap Asia ...Old Navy North America ...Banana Republic North America . . Banana Republic Asia ...Banana Republic...

  • Page 34
    ...locations, number of stores closed, and square footage associated with the discontinued operation of Forth & Towne. Outlet stores are reflected in each of the respective brands. We also have franchise agreements with unaffiliated franchisees to operate Gap and Banana Republic stores in Asia, Europe...

  • Page 35
    ... primarily of depreciation and amortization expense, increased 0.7 percentage points as a percentage of sales in fiscal 2008 compared with fiscal 2007 primarily driven by higher depreciation expense for new information technology systems and applications. Cost of goods sold and occupancy expenses as...

  • Page 36
    ...141 million in decreased store payroll and benefits; • $88 million in decreased store-related expenses associated with fewer remodels, fewer fixture rollouts, and less packaging and supplies; and • $41 million in decreased marketing expenses, primarily for Gap and Old Navy. Operating expenses as...

  • Page 37
    ... Operation, Net of Income Tax Benefit Loss from discontinued operation relates 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...

  • Page 38
    ...: • an increased balance in accounts payable in fiscal 2007 due to the change in vendor payment terms; • a higher payout during the first quarter of fiscal 2008 related to the fiscal 2007 bonus compared with the prior year comparable period; • a decrease in the gift card, gift certificate, and...

  • Page 39
    ... 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 2009. Cash Flows from Financing Activities Our cash outflows from financing activities consist primarily of the repurchases of our common stock...

  • Page 40
    ... of credit agreements. Dividend Policy In determining whether and at what level to declare a dividend, we consider a number of factors including sustainability, operating performance, liquidity, and market conditions. We increased our annual dividend, which had been $0.32 per share for fiscal 2007...

  • Page 41
    ... program will be purchased from Fisher family members (related party transactions) under these purchase agreements. The shares are purchased at the same weighted-average market price that we are paying for share repurchases in the open market. During fiscal 2008, we repurchased approximately...

  • Page 42
    ... 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 ("IBM") to...

  • Page 43
    ... events or changes in circumstances indicate that the carrying value of an asset may not be recoverable. Events that result in an impairment review include the decision to close a store, corporate facility, or distribution center, or a significant decrease in the operating performance of the long...

  • Page 44
    ... actual rate of sales returns increases significantly, our operating results could be adversely affected. We have not made any material changes in the accounting methodology used to estimate future sales returns in the past three fiscal years. Unredeemed Gift Cards, Gift Certificates, and Vouchers...

  • Page 45
    .... During fiscal 2006, we changed our estimate of the elapsed time for recording breakage income associated with unredeemed gift cards to three years from our prior estimate of five years and, as a result, recorded $31 million of other income in fiscal 2006. For gift certificates and vouchers...

  • Page 46
    ... Market Risk. We operate in foreign countries, which exposes us to market risk associated with foreign currency exchange rate fluctuations. Our risk management policy is to hedge a significant portion of forecasted merchandise purchases for foreign operations and forecasted royalty payments using...

  • 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
    ...on these financial statements and an opinion on the Company's internal control over financial reporting based on our audits. We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the...

  • Page 49
    THE GAP, INC. CONSOLIDATED 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 ...

  • 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
    ... stock units ...Amortization of share-based compensation, net of estimated forfeitures ...Repurchases of common stock ...Reissuance of treasury stock ...Cash dividends ... Balance at February 2, 2008 ...1,100 $881 $967 (38) 15 21 Net earnings ...Foreign currency translation ...Change in fair value...

  • Page 52
    ...and vesting of stock units ...Excess tax benefit from exercise of stock options and vesting of stock units ...Non-cash and other items ...Deferred income taxes ...Changes in operating assets and liabilities: Merchandise inventory ...Other current assets and other long-term assets ...Accounts payable...

  • Page 53
    ... The Gap, Inc., a Delaware Corporation, is 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...

  • Page 54
    ... fiscal 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...

  • Page 55
    ... the Consolidated Balance Sheets and is subsequently adjusted for changes in fair value. The associated estimated asset retirement costs are capitalized as part of the carrying amount of the long-lived asset and depreciated over its useful life. Treasury Stock We account for treasury stock under the...

  • Page 56
    ... events or changes in circumstances indicate that the carrying value of an asset may not be recoverable. Events that result in an impairment review include the decision to close a store, corporate facility, or distribution center, or a significant decrease in the operating performance of the long...

  • Page 57
    ... to close or sublease a store, corporate facility, or distribution center can result in accelerated depreciation over the revised remaining useful life of the long-lived asset. In addition, we record a charge and corresponding sublease loss reserve for the net present value of the difference between...

  • Page 58
    ... U.S. or Canadian 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...

  • Page 59
    ... of financial reporting. SFAS 161 is effective for financial statements issued for fiscal years and interim periods beginning after November 15, 2008. We will adopt the disclosure provisions of SFAS 161 in the first quarter of fiscal 2009. Note 2. Additional Financial Statement Information Cash...

  • Page 60
    ... charge for the impairment of long-lived assets, primarily related to our Stores reportable segment, of $5 million, $13 million, and $29 million for fiscal 2008, 2007, and 2006, respectively, which is classified as operating expenses in the Consolidated Statements of Earnings. See Note 4 of Notes to...

  • 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
    ... at end of fiscal year ... $ 22 700 (701) $ 21 $ 21 698 (697) $ 22 $ 18 672 (669) $ 21 Note 3. Acquisition On September 28, 2008, we acquired all of the outstanding capital stock of Athleta, a women's sports and active apparel company based in Petaluma, California, for an aggregate purchase price...

  • Page 63
    ...an acceptable long-term return on investment. All of the 19 Forth & Towne stores were closed by the end of June 2007 and we reduced our workforce by approximately 550 employees in fiscal 2007. The results of Forth & Towne, net of income tax benefit, have been presented as a discontinued operation in...

  • Page 64
    ... 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 We operate in foreign countries, which exposes us to market risk associated with...

  • Page 65
    ... cost of goods sold and occupancy expenses over the next 12 months at the then current values, which can be different from fiscal year-end values. There were no material amounts recorded in fiscal 2008, 2007, or 2006 resulting from hedge ineffectiveness. At January 31, 2009, the fair value of these...

  • Page 66
    ...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 ...Employee stock purchase plan ...Share...

  • Page 67
    ... Plan, nonqualified stock options and 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...

  • Page 68
    ... of stock option activity under the 2006 Plan and 2002 Plan for fiscal 2008 is as follows: WeightedAverage Exercise Price Shares Balance at February 2, 2008 ...Granted ...Exercised ...Forfeited/Canceled/Expired ...Balance at January 31, 2009 ...A summary of additional information about stock...

  • Page 69
    ... 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 February 2, 2008 ...Granted ...Vested ...Forfeited ...Balance at January 31, 2009 ...A summary of additional information...

  • 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
    ... 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 taxes...

  • Page 72
    ... 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 settlements ...Expiration of statute of limitations ...Foreign currency translation ...Balance at end of fiscal year ... $123...

  • Page 73
    ...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 earnings divided by the weighted-average number of common shares...

  • Page 74
    ...the ordinary course of our business. Many of these Actions raise complex factual and legal issues and are subject to uncertainties. Actions filed against us from time to time include commercial, intellectual property, customer, employment, data privacy, and securities related claims, including class...

  • Page 75
    ... of selling clothing, accessories, and personal care products. Beginning in the fourth quarter of fiscal 2008, we have two reportable segments: • Stores - The Stores reportable segment includes the results of our retail stores for each of our brands: Gap, Old Navy, and Banana Republic. We have...

  • 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
    ... allocated corporate depreciation and amortization expense for fiscal 2008, fiscal 2007, and fiscal 2006, respectively. Long-lived assets, as defined in SFAS 131, located in the United States and in foreign locations are as follows: ($ in millions) January 31, 2009 February 2, 2008 United States...

  • Page 78
    ... 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 profit ...Earnings from continuing operations, net of income...

  • Page 79
    ...independent registered public accounting firm, as stated in their report which is included herein. Changes in Internal Control over Financial Reporting There was no change in the Company's internal control over financial reporting that occurred during the Company's fourth quarter of fiscal 2008 that...

  • Page 80
    ... 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 Compliance, Code of Business Conduct" and in...

  • Page 81
    ... to Consolidated Financial Statements" in Part II, Item 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...

  • Page 82
    ...By /s/ SABRINA 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...

  • Page 83
    ...the Lenders and the Issuing Banks (as such terms are defined in the Credit Agreement), Citigroup Global Markets Inc. ("CGMI") and Banc of America Securities LLC ("BAS") as joint lead arrangers (the "Joint Lead Arrangers"), Bank of America, N.A., HSBC Bank USA, National Association and JPMorgan Chase...

  • Page 84
    ... 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 The Gap, Inc., LC Subsidiaries, and Bank of America, N.A., as LC...

  • Page 85
    ... Merging of Executive Deferred Compensation Plan into the Plan and Name Change to Deferred Compensation Plan. 1981 Stock Option Plan, filed as Exhibit 4.1 to Registrant's Registration Statement on Form S-8, Commission File No. 33-54690. Management Incentive Restricted Stock Plan II, filed as Exhibit...

  • Page 86
    ... Stock Award Agreement for Paul Pressler under the Company's 1996 Stock Option Award Plan, filed as Exhibit 10.1 to Registrant's Form 10-Q for the quarter ended October 29, 2005, Commission File No. 1-7562. UK Employee Stock Purchase Plan, filed as Exhibit 4.1 to Registrant's Registration Statement...

  • Page 87
    ... File No. 1-7562. Non-Employee Director Retirement Plan, dated October 27, 1992, filed as Exhibit 10.43 to Registrant's Annual Report on Form 10-K for the year ended January 30, 1993, Commission File No. 1-7562. Amendment, authorized as of August 20, 2008, to Nonemployee Director Retirement Plan...

  • Page 88
    ... 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 Grants, effective August 20, 2008...

  • Page 89
    ...May 5, 2007, Commission File No. 1-7562. Summary of Changes to Non-employee Director Compensation effective February 15, 2008, filed as Exhibit 10.6 to Registrant's Form 10-Q for the quarter ended May 3, 2008, Commission File No. 1-7562. Summary of Executive Officer Compensation, filed as Exhibit 10...

  • Page 90
    ... of Business Conduct, filed as Exhibit 14 to Registrant's Form 10-K for the year ended January 28, 2005, Commission File No. 1-7562. Subsidiaries of Registrant Consent of Independent Registered Public Accounting Firm Rule 13a-14(a)/15d-14(a) Certification of the Chief Executive Officer of The Gap...

  • Page 91
    ...฀Executive฀฀ Officer฀(part-time)฀of฀Mcon฀Management฀Services,฀Ltd.,฀฀ a฀consulting฀company,฀since฀2002.฀Independent฀Consultant,฀1999-2002.฀President฀and฀Chief฀Executive฀Officer฀of฀ Wal-Mart฀International,฀a฀division฀of฀Wal-Mart฀Stores...

  • Page 92
    ... The฀certifications฀by฀the฀Chief฀Executive฀Officer฀and฀฀ the฀Chief฀Financial฀Officer฀of฀The฀Gap,฀Inc.,฀required฀฀ under฀the฀Sarbanes-Oxley฀Act฀of฀2002,฀have฀been฀filed฀฀ as฀exhibits฀to฀The฀Gap,฀Inc.'s฀2008฀Annual฀Report฀on...

  • Page 93
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