Banana Republic 2011 Annual Report Download

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2011 Annual Report
SHARING
AMERICAN
STYLE

Table of contents

  • Page 1
    2011 Annual Report SHARING AMERICAN STYLE

  • Page 2
    AROUND THE WORLD.

  • Page 3
    ... first annual report, I wrote that "Our long-term strategy is anchored on maximizing the earnings potential of our brands and taking advantage of the many opportunities through our Outlet, international and online businesses." I'm pleased that we made further progress against our strategy last year...

  • Page 4
    Growth 3,263 TOTAL NUMBER OF STORES "Our distinctively American aesthetic has resonated very well, everywhere from Milan to Shanghai to Sydney." Stephen Sunnucks President, International

  • Page 5
    2011 Gap Inc. Annual Report "We win when we deliver the right balance of occasions, style, design and quality that our customer expects." Julie Rosen SVP, Merchandising, Banana Republic Chile

  • Page 6
    ... for International and North America. The first product line from this new team, along with the corresponding "Be Bright" marketing campaign, arrived in stores at the beginning of the 2012 fiscal year. At Old Navy, we adjusted both the product and marketing strategies towards the end of the year. We...

  • Page 7
    ... Old Navy stores, most of which are downsizes that create the right shopping environment for customers. At Banana Republic, the men's business is maintaining its winning streak and the brand applied those learnings to improve the women's product over the course of 2011, leading to stronger results...

  • Page 8
    Customers "We have a powerful global ecommerce platform and five incredible brands to drive global online growth." Toby Lenk President, Gap Inc. Direct 39 COUNTRIES STORES IN

  • Page 9
    2011 Gap Inc. Annual Report "To drive a meaningful change in product and marketing, we'll deliver one global product vision to our customers around the world." Pam Wallack EVP, Gap Global Creative Center

  • Page 10
    ... stores by the end of fiscal year 2012. Since launching an ecommerce site last year, online orders have been logged from over 330 cities in China. Of our three established core brands, Old Navy is the only one without a store presence beyond North America. After a thoughtful planning process in 2011...

  • Page 11
    ... see that our employees increased their number of volunteer hours to 433,000. We were also proud that the Gap Inc. P.A.C.E. (Personal Advancement & Career Enhancement) program to help female garment workers was recognized by the Clinton Global Initiative as an exemplary approach to women's economic...

  • Page 12
    Values 433 THOUSAND HOU RS VOLU NTEERED "As a company, we invest in career exploration and job readiness for youth to help them prepare for the workforce." Bobbi Silten SVP, President, Gap Foundation

  • Page 13
    2011 Gap Inc. Annual Report "I'm so proud that our volunteerism continues to rise. We have stores with a heart because of our amazing employees." Doris Fisher Co-founder, Gap Inc. $1.2 MILLION IN CLOTHING AND CASH FOR JAPAN DISASTER

  • Page 14
    ... American store in Chile 4 5 9 6 11 Customers 1. A global marketing campaign for GapKids in holiday 2011 5 6 7 2. Banana Republic's men's business continued its winning streak in 2011 3. Old Navy introduced its Snap Appy mobile app, with special discounts and style advice 9 4. One of Banana...

  • Page 15
    ..., San Francisco, California 94105 (Address of principal executive offices) (Zip code) Registrant's telephone number, including area code: (415) 427-0100 Securities registered pursuant to Section 12(b) of the Act: Common Stock, $0.05 par value New York Stock Exchange, Inc. (Title of class) (Name of...

  • Page 16
    ... • the number of new franchise stores in fiscal 2012; • the number of future stores, including Gap stores in North America and Athleta stores; • the effective tax rate in fiscal 2012; • current cash balances and cash flows being sufficient to support our business operations, including growth...

  • Page 17
    ..., and securing new store locations and renewing, modifying, or terminating leases for existing store locations effectively; • the risk that comparable sales and margins will experience fluctuations; • the risk that changes in our credit profile or deterioration in market conditions may limit our...

  • Page 18
    ... Market Risk ...Financial Statements and Supplementary Data ...Changes in and Disagreements With Accountants 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...

  • Page 19
    ... higher price points than Gap brand. Today, customers can purchase Banana Republic products in our specialty and outlet stores, online, and in franchise stores. Old Navy. Old Navy opened its first store in 1994, offering customers great product at great prices. The brand targets young families, with...

  • Page 20
    ...leading brands in women's active wear. Customers can purchase Athleta products online, through a catalog, and beginning in 2010, in our stores. 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...

  • Page 21
    ... operate, stores that sell apparel and related products under our brand names. We continue to increase the number of countries in which we enter into these types of arrangements as part of our strategy to expand internationally. For additional information on risks related to our franchise business...

  • Page 22
    ..., Global Production and Old Navy Supply Chain from 2004 to 2005. John T. (Tom) Keiser, 46, Executive Vice President and Chief Information Officer since January 2010; Executive Vice President and Chief Information Officer of The Limited Brands, Inc., an apparel company, from 2006 to October 2009...

  • Page 23
    ... merchandise that satisfies customer demand in a timely manner. However, lead times for many of our purchases are long, which may make it more difficult for us to respond rapidly to new or changing fashion trends or consumer acceptance of our products. The global specialty retail business fluctuates...

  • Page 24
    ...channels and brands, including franchise. For example, we currently plan to open Old Navy stores outside of North America, open additional Gap stores in China, open additional international outlet stores, and continue to grow online sales internationally. We have limited experience operating in some...

  • Page 25
    ..., 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, securities analysts, or credit rating agencies in one or more...

  • Page 26
    ...data center, and store operations, as well as help desk, end user support, and some disaster recovery. Since the original agreement in January 2006, we have amended the agreement to take back certain services originally performed by IBM. These returned services include services related to management...

  • Page 27
    ... those risks. Our business employs systems and websites that allow for the secure storage and transmission of proprietary or confidential information regarding our customers, employees, job applicants, and others, including credit card information and personal identification information. Security...

  • Page 28
    ... 1.2 million square feet of corporate office space located in San Francisco, San Bruno, Rocklin, Petaluma, and Los Angeles, California; New York, New York; Albuquerque, New Mexico; and Toronto, Ontario, Canada. Of the 1.2 million square feet of leased office space, approximately 230,000 square feet...

  • Page 29
    ...our stock is traded is the New York Stock Exchange. The number of holders of record of our stock as of March 13, 2012 was 8,396. The table below sets forth the market prices and dividends declared and paid for each of the fiscal quarters in fiscal 2011 and 2010. Market Prices Fiscal 2011 Fiscal 2010...

  • Page 30
    ... of common stock of the Company made during the thirteen weeks ended January 28, 2012 by The Gap, Inc. or any affiliated purchaser, as defined in Exchange Act Rule 10b-18(a)(3): Average Price Paid Per Share Including Commissions Total Number of Shares Purchased as Part of Publicly Announced Plans or...

  • Page 31
    ... and Results of Operations" in Item 7 and the Company's Consolidated Financial Statements and related notes in Item 8. 2011 (52) Fiscal Year (number of weeks) 2010 (52) 2009 (52) 2008 (52) 2007 (52) Operating Results ($ in millions) Net sales ...Gross margin ...Operating margin ...Income from...

  • Page 32
    ... capital stock of Athleta, Inc., a women's sports and active apparel company, for an aggregate purchase price of $148 million. (2) Includes Company-operated and franchise store locations. (3) Beginning in fiscal 2011, we report comparable sales including the associated comparable online sales...

  • Page 33
    ... franchisees to operate Gap and Banana Republic stores in many other countries around the world. Under these agreements, third parties operate or will operate stores that sell apparel and related products under our brand names. In addition, our products are available to customers online in over...

  • Page 34
    ... change in Comp store sales by brand and region and for total Company, excluding the associated comparable online sales, as compared with the preceding year, is as follows: Fiscal Year 2011 2010 Gap North America ...Old Navy North America ...Banana Republic North America ...International ...The Gap...

  • Page 35
    ... basis for comparison. Store Count and Square Footage Information Net sales per average square foot is as follows: 2011 Fiscal Year 2010 2009 Net sales per average square foot (1) ...(1) Excludes net sales associated with our online, catalog, wholesale, and franchise businesses. $337 $342 $329...

  • Page 36
    ...2011 Number of Store Locations Fiscal 2011 Number of Number of Stores Opened Stores Closed January 28, 2012 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...

  • Page 37
    ... 2009. The increase was due to the growth in our online business across all brands, primarily Old Navy, Piperlime, and Athleta, and the incremental sales related to the introduction of international online sales in fiscal 2010. In fiscal 2010, our net sales, including Direct, for the U.S. and Canada...

  • Page 38
    ... tax accounting method change application and the resolution of the Internal Revenue Service's review of the Company's federal income tax returns and refund claims for fiscal 2001 through 2006. Interest Income ($ in millions) 2011 Fiscal Year 2010 2009 Interest income ... $(5) $(6) $(7) 24 Gap...

  • Page 39
    ...The increase was primarily offset by the release of unrecognized tax benefits for closed years. We currently expect the fiscal 2012 effective tax rate to be about 39.5 percent. The actual rate will ultimately depend on several variables, including the mix of income between domestic and international...

  • Page 40
    ... activities and available cash. Our business follows a seasonal pattern, with sales peaking over a total of about eight weeks during the end-of-year holiday period. The seasonality of our operations may lead to significant fluctuations in certain asset and liability accounts between fiscal year-end...

  • Page 41
    ... replace our GAAP result. The following table reconciles free cash flow, a non-GAAP financial measure, from a GAAP financial measure. ($ in millions) 2011 Fiscal Year 2010 2009 Net cash provided by operating activities ...Less: Purchases of property and equipment ...Free cash flow ...Long-Term Debt...

  • Page 42
    ... a number of factors including sustainability, operating performance, liquidity, and market conditions. We increased our annual dividend, which had been $0.40 per share for fiscal 2010, to $0.45 per share for fiscal 2011. We intend to increase our annual dividend to $0.50 per share for fiscal 2012...

  • Page 43
    ... the financial statements of a large, global corporation. However, even under optimal circumstances, estimates routinely require adjustment based on changing circumstances and the receipt of new or better information. Our significant accounting policies can be found in Item 8, Financial Statements...

  • Page 44
    ... operating results could be affected. We have not made any material changes in the accounting methodology used to calculate our LCM or inventory shortage adjustments in the past three fiscal years. Impairment of Long-Lived Assets, Goodwill, and Intangible Assets We review the carrying amount of long...

  • Page 45
    ...value of the trade name significantly exceeded its carrying value as of the date of our annual impairment review, and we did not recognize any impairment charges. These analyses require management to make assumptions and to apply judgment, including forecasting future sales, expenses, discount rates...

  • Page 46
    ... 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 Credit Vouchers...

  • Page 47
    ... associated with our various tax filing positions. Determining the income tax expense for these potential assessments requires management to make assumptions that are subject to factors such as proposed assessments by tax authorities, changes in facts and circumstances, issuance of new regulations...

  • Page 48
    ... balance sheet dates. As of January 28, 2012, we had foreign exchange forward contracts outstanding to buy the notional amount of $873 million, 31 million British pounds, 16 million Euro, and 2.6 billion Japanese yen related to our forecasted merchandise purchases for foreign operations, forecasted...

  • Page 49
    ... purchase prices plus interest that has accrued at the stated rate. The value of our investments is not subject to material interest rate risk. However, changes in interest rates would impact the interest income derived from our investments. We earned interest income of $5 million in fiscal 2011...

  • Page 50
    ... STATEMENTS Page Report of Independent Registered Public Accounting Firm ...Consolidated Balance Sheets as of January 28, 2012 and January 29, 2011 ...Consolidated Statements of Income for the fiscal years ended January 28, 2012, January 29, 2011, and January 30, 2010 ...Consolidated Statements...

  • Page 51
    ...Registered Public Accounting Firm To the Board of Directors and Stockholders of The Gap, Inc.: We have audited the accompanying consolidated balance sheets of The Gap, Inc. and subsidiaries (the "Company") as of January 28, 2012 and January 29, 2011, and the related consolidated statements of income...

  • Page 52
    ... CONSOLIDATED BALANCE SHEETS ($ and shares in millions except par value) January 28, 2012 January 29, 2011 ASSETS Current assets: Cash and cash equivalents ...Short-term investments ...Merchandise inventory ...Other current assets ...Total current assets ...Property and equipment, net ...Other long...

  • Page 53
    ... amounts) 2011 Fiscal Year 2010 2009 Net sales ...Cost of goods sold and occupancy expenses ...Gross profit ...Operating expenses ...Operating income ...Interest expense (reversal) ...Interest income ...Income before income taxes ...Income taxes ...Net income ...Weighted-average number of shares...

  • Page 54
    ... $ 1,102 59 (18) (9) Comprehensive Income Balance as of January 31, 2009 ...1,105 Net income ...Foreign currency translation, net of tax of $1 ...Change in fair value of derivative financial instruments, net of tax benefit of $(12) ...Reclassification adjustment for realized gains on derivative...

  • Page 55
    THE GAP, INC. CONSOLIDATED STATEMENTS OF CASH FLOWS ($ in millions) 2011 Fiscal Year 2010 2009 Cash flows from operating activities: Net income ...Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and amortization ...Amortization of lease incentives ......

  • Page 56
    ...Financial Statements For the Fiscal Years Ended January 28, 2012, January 29, 2011, and January 30, 2010 Note 1. Organization and Summary of Significant Accounting Policies Organization The Gap, Inc., a Delaware Corporation, is a global specialty retailer offering apparel, accessories, and personal...

  • Page 57
    ... one year from the balance sheet date, the restricted cash is included in other long-term assets. Otherwise, restricted cash is included in other current assets in the Consolidated Balance Sheets. Merchandise Inventory We value inventory at the lower of cost or market, with cost determined using the...

  • Page 58
    ... We recognize revenue and the related cost of goods sold at the time the products are received by the customers. Revenue is recognized for store sales when the customer receives and pays for the merchandise at the register. For sales through online and catalog orders, we estimate and defer revenue...

  • Page 59
    ... related benefits (for our store operations, field management, distribution centers, and corporate functions); • marketing; • general and administrative expenses; • costs to design and develop our products; • merchandise handling and receiving in distribution centers; • distribution center...

  • Page 60
    ... sales, expenses, discount rates, and royalty rates. Goodwill and other indefinite-lived intangible assets, including the trade name, are recorded in other long-term assets in the Consolidated Balance Sheets. Lease Losses The decision to close a store, corporate facility, or distribution center...

  • Page 61
    .... Our gift cards, gift certificates, and credit vouchers do not have expiration dates. Beginning in the third quarter of fiscal 2009, we changed our estimate of the elapsed time for recording breakage income associated with unredeemed gift certificates and credit vouchers to three years from our...

  • Page 62
    ...our customers with private label credit cards and/or co-branded credit cards (collectively, the "Credit Cards"). Each private label credit card bears the logo of Gap, Old Navy, or Banana Republic and can be used at any of our U.S. or Canadian store locations and online. The co-branded credit card is...

  • Page 63
    ... update is effective for fiscal years, and interim periods within those years, beginning after December 15, 2011. We will adopt the provisions of this accounting standards update in the first quarter of fiscal 2012. Note 2. Additional Financial Statement Information Cash and Cash Equivalents...

  • Page 64
    ... 2010 and 2009. We recorded a charge for the impairment of long-lived assets related to our Stores reportable segment of $16 million, $8 million, and $14 million for fiscal 2011, 2010, and 2009, respectively, which is recorded in operating expenses in the Consolidated Statements of Income. 50 Gap...

  • Page 65
    ... in fiscal 2011, 2010, and 2009, respectively. Accrued Expenses and Other Current Liabilities Accrued expenses and other current liabilities consist of the following: ($ in millions) January 28, 2012 January 29, 2011 Accrued compensation and benefits ...Unredeemed gift cards, gift certificates, and...

  • Page 66
    ... income ...Sales Return Allowance A summary of activity in the sales return allowance account is as follows: ($ in millions) January 28, 2012 $229 - $229 $205 (20) $185 January 29, 2011 January 30, 2010 Balance at beginning of fiscal year ...Additions ...Returns ...Balance at end of fiscal year...

  • Page 67
    ... Balance Sheet for the Notes is equal to the aggregate principal amount of the Notes, net of the unamortized discount. The estimated fair value of the Notes was $1.19 billion as of January 28, 2012 and was based on the quoted market price of the Notes as of the last business day of fiscal 2011...

  • Page 68
    ... the letter of credit agreement. Note 6. Fair Value Measurements Effective January 30, 2011, we adopted enhanced disclosure requirements for fair value measurements. There were no purchases, sales, issuances, or settlements related to recurring level 3 measurements during fiscal 2011. There were no...

  • Page 69
    ...fair value of the Company's derivative financial instruments is determined using pricing models based on current market rates. Derivative financial instruments in an asset position are recorded in other current assets or other long-term assets in the Consolidated Balance Sheets. Derivative financial...

  • Page 70
    ...for fiscal 2011, 2010, or 2009. Note 7. Derivative Financial Instruments 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...

  • Page 71
    ... Notional Amounts As of January 28, 2012 and January 29, 2011, we had foreign exchange forward contracts outstanding to sell various currencies related to our forecasted merchandise purchases and forecasted intercompany royalty payments and to buy the following notional amounts: (notional amounts...

  • Page 72
    ... ($ in millions) Balance Sheet Location Fair Value Liability Derivatives Balance Sheet Location Fair Value Derivatives designated as cash flow hedges: Foreign exchange forward contracts . . Other current assets $ 9 Accrued expenses and other current liabilities Lease incentives and other long-term...

  • Page 73
    ... Statements of Income, on a pre-tax basis, are as follows: Amount of Gain (Loss) Recognized in OCI on Derivatives (Effective Portion) Fiscal Year 2011 2010 2009 ($ in millions) Derivatives in cash flow hedging relationships: Foreign exchange forward contracts ...Treasury rate lock agreements...

  • Page 74
    ...into Income (Effective Portion) Fiscal Year 2011 2010 2009 Derivatives in cash flow hedging relationships: Foreign exchange forward contracts- Cost of goods sold and occupancy expenses ...Foreign exchange forward contracts- Operating expenses ...Cross-currency interest rate swap- Operating expenses...

  • Page 75
    ... Compensation Share-based compensation expense is as follows: ($ in millions) 2011 Fiscal Year 2010 2009 Stock units ...Stock options ...Employee stock purchase plan ...Share-based compensation expense ...Less: Income tax benefit ...Share-based compensation expense, net of tax ...No material share...

  • Page 76
    ...28, 2012 ...A summary of additional information about Stock Units is as follows: 11,012,628 3,336,517 1,181,653 (3,612,480) (3,981,217) 7,937,101 $19.20 $20.10 $20.44 $16.18 $16.95 $18.74 2011 Fiscal Year 2010 2009 Weighted-average fair value per share of Stock Units granted ...Grant-date fair...

  • Page 77
    ...anniversary dates. The fair value of stock options issued during fiscal 2011, 2010, and 2009 was estimated on the date of grant using the following assumptions: 2011 Fiscal Year 2010 2009 Expected term (in years) ...Expected volatility ...Dividend yield ...Risk-free interest rate ... 4.9 4.8 5.0 30...

  • Page 78
    ... 28, 2012 had a weighted-average remaining contractual life of 3.73 years. Employee Stock Purchase Plan Under our Employee Stock Purchase Plan ("ESPP"), eligible U.S. employees are able to purchase our common stock at 85 percent of the closing price on the New York Stock Exchange on the last day of...

  • Page 79
    ... income of $46 million receivable in the future under non-cancelable sublease agreements. $1,025 917 801 677 530 1,609 $5,559 Rent expense related to our store premises, corporate facilities, and distribution centers under operating leases is as follows: ($ in millions) 2011 Fiscal Year 2010 2009...

  • Page 80
    ..., and accordingly, recorded the related tax expense of $4 million in fiscal 2011. The difference between the effective income tax rate and the U.S. federal income tax rate is as follows: 2011 Fiscal Year 2010 2009 Federal tax rate ...State income taxes, less federal benefit ...Tax impact of foreign...

  • Page 81
    ... fiscal 2012 and fiscal 2021, and $42 million of the foreign losses do not expire. The activity related to our unrecognized tax benefits is as follows: ($ in millions) 2011 Fiscal Year 2010 2009 Balance at beginning of fiscal year ...Increases related to current year tax positions ...Prior year...

  • Page 82
    .... The fair value of the Company's DCP assets is determined based on quoted market prices. As of January 28, 2012 and January 29, 2011, the assets related to the DCP were $22 million and $27 million, respectively, and were recorded in other long-term assets in the Consolidated Balance Sheets. As of...

  • Page 83
    ... business activities are managed and evaluated. All of our operating segments sell a group of similar products - apparel, accessories, and personal care products. We have two reportable segments: • Stores - The Stores reportable segment includes the results of the retail stores for Gap, Old Navy...

  • Page 84
    ... Financial Statements. Net sales by brand, region, and reportable segment are as follows: ($ in millions) Fiscal 2011 Banana Republic Franchise and Wholesale (3) Piperlime and Athleta Percentage of Net Sales Gap Old Navy Total U.S. (1) ...Canada ...Europe ...Asia ...Other regions ...Total Stores...

  • Page 85
    ... Republic outlet retail sales are reflected within the respective results of each brand. Financial Information for Reportable Segments Operating income is the primary measure of profit we use to make decisions on allocating resources to our operating segments and to assess the operating performance...

  • Page 86
    ... the sale was originated. Store sales are allocated based on the location of the store, and online sales are allocated based on the location of the distribution center from which the products were shipped. Net sales by geographic location are as follows: ($ in millions) 2011 Fiscal Year 2010 2009...

  • Page 87
    ... in Exchange 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...

  • Page 88
    ... the 2012 Proxy Statement. See also Part I, Item 1 in the section entitled "Executive Officers of the Registrant." The Company has adopted a code of ethics, our Code of Business Conduct, which applies to all employees including our principal executive officer, principal financial officer, controller...

  • Page 89
    Part IV Item 15. Exhibits, Financial Statement Schedules. 1. 2. 3. Financial Statements: See "Index to Consolidated Financial Statements" in Part II, Item 8 of this Form 10-K. Financial Statement Schedules: Schedules are included in the Consolidated Financial Statements or notes of this Form 10-K or...

  • Page 90
    ...) Date: March 26, 2012 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...

  • Page 91
    ... 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. Indenture, dated as of April 12, 2011, by and between Registrant and Wells Fargo Bank, National Association, as Trustee, filed as...

  • Page 92
    ... ended May 2, 2009, Commission File No. 1-7562. (1) EXECUTIVE COMPENSATION PLANS AND ARRANGEMENTS 10.12 Executive Management Incentive Compensation Award Plan, filed as Appendix A to Registrant's definitive proxy statement for its annual meeting of stockholders held on May 18, 2010, Commission...

  • Page 93
    ..., filed as Exhibit 10.5 to Registrant's Form 10-Q for the quarter ended October 31, 1998, Commission File No. 1-7562. Form of Nonqualified Stock Option Agreement for international employees under Registrant's 1996 Stock Option and Award Plan, filed as Exhibit 10.6 to Registrant's Form 10-Q for the...

  • Page 94
    ..., filed as Exhibit 4.7 to Registrant's Registration Statement on Form S-8, Commission File No. 333-72921. 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...

  • Page 95
    ... the quarter ended May 1, 2010, Commission File No. 1-7562 Form of Performance Share Agreement under the 2006 Long-Term Incentive Plan, filed as Exhibit 10.1 to Registrant's Form 8-K on March 11, 2011, Commission File No. 1-7562. Form of Director Stock Unit Agreement and Stock Unit Deferral Election...

  • Page 96
    ... Form 10-K for the year ended January 31, 2009, Commission File No. 1-7562. Amendment to Agreement with Eva Sage-Gavin dated November 4, 2011, and confirmed on January 3, 2012. Amended and Restated Employment Agreement by and between Glenn Murphy and the Company, dated December 1, 2008 and confirmed...

  • Page 97
    ... materials from The Gap, Inc.'s Annual Report on Form 10-K for the year ended January 28, 2012, formatted in XBRL (eXtensible Business Reporting Language): (i) the Consolidated Balance Sheets, (ii) the Consolidated Statements of Income, (iii) the Consolidated Statements of Stockholders' Equity...

  • Page 98
    ˆ?200D#FdLMb4v14ZJ)SŠ?200D#FdLMb4v14ZJ) THE GAP, INC. FORM 10-K RR Donnelley ProFile WCRFBU-MWE-XN02 10.7.14 WCRpreeh0dc SFR 22-Mar-2011 04:34 EST CLN 111124 ILB 1 5* PMT 1C [THIS PAGE INTENTIONALLY LEFT BLANK]

  • Page 99
    ... Financial Officer of AMR Corporation and American Airlines, Inc. Bob L. Martin, 63 (* +) Lead Independent Director. Director since 2002. Operating Partner of Stephens Group, Inc., a private equity group. Chief Executive Officer (part-time) of Mcon Management Services, Ltd., a consulting company...

  • Page 100
    Wear your passion.