Banana Republic 2015 Annual Report Download

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GAPINC.COM
160312_L01.indd 1 3/18/16 2:21 PM

Table of contents

  • Page 1

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  • Page 3
    ... aesthetics and responsive to trends and demand. Through our supply chain initiatives, we have improved everything from fit to quality to speed. Old Navy has not just developed, but proven our new product model, with four consecutive years of growth. Now we are applying these processes across our...

  • Page 4
    ... strong, while our current focus on product will enable us to regain market share in North America. We still have more work ahead of us, but I know what we are capable of, and I am convinced we are on the right path. More than 40 years ago, we helped to reshape retail, and today as our industry goes...

  • Page 5
    ... to Commission File Number 1-7562 (Exact name of registrant as specified in its charter) Delaware (State of Incorporation) Two Folsom Street, San Francisco, California (Address of principal executive offices) 94-1697231 (I.R.S. Employer Identification No.) 94105 (Zip code) THE GAP, INC. Registrant...

  • Page 6
    ... growth through new stores with a focus on Asia, outlet, and Athleta; • impact of foreign exchange rate fluctuations in fiscal 2016; • net store openings in fiscal 2016; • square footage for company-operated stores in fiscal 2016; • operating margin in fiscal 2016; • current cash balances...

  • Page 7
    ... store locations effectively; • the risk that our investments in omni-channel shopping initiatives may not deliver the results we anticipate; • the risk that comparable sales and margins will experience fluctuations; • the risk that changes in our credit profile or deterioration in market...

  • Page 8
    ... the risk that we will not be successful in defending various proceedings, lawsuits, disputes, claims, and audits. Additional information regarding factors that could cause results to differ can be found in this Annual Report on Form 10-K and our other filings with the U.S. Securities and Exchange...

  • Page 9
    .... 2015 ANNUAL REPORT ON FORM 10-K TABLE OF CONTENTS Page PART I Item 1. Business 1 4 11 11 12 12 PART II Item 5. Item 6. Item 7. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities Selected Financial Data Management's Discussion and Analysis...

  • Page 10
    ... Customers can purchase Banana Republic products globally in our specialty and outlet stores, online, and in franchise stores. Old Navy. Old Navy is a global apparel and accessories brand that believes in the democracy of style, making current, on-trend American essentials accessible to every family...

  • Page 11
    ... store in New York City. All sales to customers are tendered for cash, debit cards, credit cards, or personal checks. We also issue and redeem gift cards through our brands. Gap, Banana Republic, Old Navy, and Athleta each have a private label credit card program and a co-branded credit card program...

  • Page 12
    ... to operate Gap, Banana Republic, and Old Navy stores in a number of countries throughout Asia, Australia, Europe, Latin America, the Middle East, and Africa. Under these agreements, third parties operate, or will operate, stores that sell apparel and related products under our brand names. For...

  • Page 13
    ..., Old Navy International from February 2013 to November 2013; Senior Vice President and Managing Director, Europe from May 2011 to February 2013; Senior Vice President and General Manager, International Outlets from January 2010 to May 2011; Vice President of Global Production, Supply Chain - Outlet...

  • Page 14
    ...shift to digital brand engagement, social media communication, and online shopping; • developing innovative, high-quality products in sizes, colors, and styles that appeal to customers of varying age groups and tastes; • purchasing and stocking merchandise to match seasonal weather patterns, and...

  • Page 15
    ... our business. At the end of fiscal 2014 and beginning of fiscal 2015, there were several changes made to our senior leadership team, including our Chief Executive Officer; Global President, Gap; and Global President, Banana Republic. In October 2015, our Global President, Old Navy left the Company...

  • Page 16
    ... of countries around the world through a number of channels. We currently plan to open additional Old Navy stores outside of the United States, including in Mexico, Japan, and China, open additional Gap stores in China, open additional international outlet stores, and continue to grow online sales...

  • Page 17
    ... to meet their projections regarding store locations, store openings, and sales. Other risks that may affect these third parties include general economic conditions in specific countries or markets, foreign exchange rates, changes in diplomatic and trade relationships, restrictions on the transfer...

  • Page 18
    ... sales, in particular at our largest brands. A variety of factors affect comparable sales or margins, including apparel trends, competition, current economic conditions, the timing of new merchandise releases and promotional events, changes in our merchandise mix, the success of marketing programs...

  • Page 19
    ... debt service payments. In this regard, we have generated annual cash flow from operating activities in excess of $1 billion per year for well over a decade and ended fiscal 2015 with $1.4 billion of cash and cash equivalents on our balance sheet. We are also able to supplement near-term liquidity...

  • Page 20
    ... October 2015, Mexico. As of January 30, 2016, we had 3,275 Company-operated stores, which aggregated to approximately 37.9 million square feet. Almost all of these stores are leased, typically with one or more renewal options after our initial term. Economic terms vary by type and location of store...

  • Page 21
    ... 925,000 square feet of corporate office space located in San Francisco, Rocklin, Petaluma, and Pleasanton, California; New York, New York; Albuquerque, New Mexico; and Toronto, Ontario, Canada. We also lease regional offices in North America and in various international locations. We own...

  • Page 22
    ... 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 15, 2016 was 7,016. The table below sets forth the market prices and dividends declared and paid for each of the fiscal...

  • Page 23
    ... for our common stock assumes quarterly reinvestment of dividends. TOTAL RETURN TO STOCKHOLDERS (Assumes $100 investment on 1/29/2011) Total Return Analysis 1/29/2011 1/28/2012 2/2/2013 2/1/2014 1/31/2015 1/30/2016 The Gap, Inc. S&P 500 Dow Jones U.S. Apparel Retailers $ $ $ 100.00 100.00 100...

  • Page 24
    ...Company made during the thirteen weeks ended January 30, 2016 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 Programs Maximum Number...

  • Page 25
    ... the Company's Consolidated Financial Statements and related notes in Item 8. Fiscal Year (number of weeks) 2015 (52) 2014 (52) 2013 (52) 2012 (53) 2011 (52) Operating Results ($ in millions) Net sales Gross margin Operating margin Net income Cash dividends paid Per Share Data (number of shares in...

  • Page 26
    ...balance in full. On December 31, 2012, we acquired all of the outstanding capital stock of Intermix, a multi-brand specialty retailer of luxury and contemporary apparel and accessories, for an aggregate purchase price of $129 million. Includes the associated comparable online sales. Includes Company...

  • Page 27
    ...Financial Condition and Results of Operations. Overview We are a global retailer offering apparel, accessories, and personal care products for men, women, and children under the Gap, Banana Republic, Old Navy, Athleta, and Intermix brands. We have Company-operated stores in the United States, Canada...

  • Page 28
    ... continue our investment in our mobile digital capabilities and to enhance our shopping experience for our customers. We also plan to continue growth through new stores with a focus on Asia, outlet, and Athleta. In fiscal 2016, we expect that foreign exchange rate fluctuations will continue to have...

  • Page 29
    ... Sales The percentage change in Comp sales by global brand and for total Company, as compared with the preceding year, is as follows: 2015 Fiscal Year 2014 2013 Gap Global Old Navy Global Banana Republic Global The Gap, Inc. (6)% -% (10)% (4)% (5)% 5% -% -% 3% 2% (1)% 2% Comparable online sales...

  • Page 30
    ... Locations Fiscal 2015 Number of Number of Stores Opened Stores Closed January 30, 2016 Number of Square Footage Store Locations (in millions) Gap North America Gap Asia Gap Europe Old Navy North America Old Navy Asia Banana Republic North America Banana Republic Asia Banana Republic Europe Athleta...

  • Page 31
    ... purchases are primarily in U.S. dollars. • Occupancy expenses increased 0.3 percentage points in fiscal 2014 compared with fiscal 2013, primarily driven by the incremental cost related to new stores without a corresponding increase in total net sales. In fiscal 2016, we expect that gross margins...

  • Page 32
    ... of income related to our credit card program from operating expenses to cost of goods sold and an increase in store payroll; partially offset by the gain on sale of a building owned but no longer occupied by the Company and lower bonus expense. Interest Expense ($ in millions) 2015 Fiscal Year 2014...

  • Page 33
    ... activities during fiscal 2014 increased $424 million compared with fiscal 2013, primarily due to the following: • an increase of $284 million related to other current assets and other long-term assets primarily due to the change in timing of payments received related to our credit card program...

  • Page 34
    ... an upfront payment in fiscal 2014 related to the amendment of our credit card program agreement with the third-party financing company, which is being amortized into income over the term of the contract; and • an increase of $184 million related to merchandise inventory primarily due to timing of...

  • Page 35
    ... performance, liquidity, and market conditions. We increased our annual dividend from $0.88 per share for fiscal 2014 to $0.92 per share for fiscal 2015. We plan to pay an annual dividend of $0.92 per share in fiscal 2016. Share Repurchases Certain financial information about the Company's share...

  • Page 36
    ... open purchase orders to purchase inventory as well as commitments for products and services used in the normal course of business. There is $82 million of long-term liabilities recorded in lease incentives and other long-term liabilities in the Consolidated Balance Sheet as of January 30, 2016...

  • Page 37
    ...Board of Directors, which has reviewed our disclosure relating to critical accounting policies and estimates in this annual report on Form 10-K. Merchandise Inventory We value inventory at the lower of cost or market ("LCM"), with cost determined using the weighted-average cost method. We review our...

  • Page 38
    ... accounting policy. We recognize revenue and the related cost of goods sold at the time the products are received by the customers. For sales transacted at stores, revenue is recognized when the customer receives and pays for the merchandise at the register. For sales where we ship the merchandise...

  • Page 39
    ...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 Upon issuance of a gift card, gift certificate, or credit voucher, a liability is established for its cash value. The...

  • Page 40
    ... original 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 $6 million in fiscal...

  • Page 41
    Item 8. Financial Statements and Supplementary Data. THE GAP, INC. INDEX TO CONSOLIDATED FINANCIAL STATEMENTS Page Report of Independent Registered Public Accounting Firm Consolidated Balance Sheets as of January 30, 2016 and January 31, 2015 Consolidated Statements of Income for the fiscal years ...

  • Page 42
    ... each of the three fiscal years in the period ended January 30, 2016, in conformity with accounting principles generally accepted in the United States of America. Also, in our opinion, the Company maintained, in all material respects, effective internal control over financial reporting as of January...

  • Page 43
    CONSOLIDATED BALANCE SHEETS ($ and shares in millions except par value) January 30, 2016 January 31, 2015 THE GAP, INC. ASSETS Current assets: Cash and cash equivalents Merchandise inventory Other current assets Total current assets Property and equipment, net Other long-term assets Total assets ...

  • Page 44
    ... OF INCOME Fiscal Year ($ and shares in millions except per share amounts) 2015 2014 2013 THE GAP, INC. Net sales Cost of goods sold and occupancy expenses Gross profit Operating expenses Operating income Interest expense Interest income Income before income taxes Income taxes Net income Weighted...

  • Page 45
    ... STATEMENTS OF COMPREHENSIVE INCOME Fiscal Year ($ in millions) 2015 2014 2013 THE GAP, INC. Net income Other comprehensive income (loss), net of tax: Foreign currency translation, net of tax (tax benefit) of $(1), $(2), and $5 Change in fair value of derivative financial instruments, net of...

  • Page 46
    ..., net of withholding tax payments related to vesting of stock units Tax benefit from exercise of stock options and vesting of stock units Share-based compensation, net of estimated forfeitures Common stock dividends ($0.88 per share) Balance as of January 31, 2015 Net income Other comprehensive loss...

  • Page 47
    ... FLOWS Fiscal Year 2014 THE GAP, INC. ($ in millions) 2015 2013 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 Share-based compensation Tax benefit...

  • Page 48
    ... Accounting Policies Organization The Gap, Inc., a Delaware Corporation, is a global retailer offering apparel, accessories, and personal care products for men, women, and children under the Gap, Banana Republic, Old Navy, Athleta, and Intermix brands. We have Company-operated stores in the United...

  • Page 49
    ... reasonable estimate of fair value can be made. The asset retirement obligation is recorded in accrued expenses and other current liabilities and lease incentives and other long-term liabilities in the Consolidated Balance Sheets and is subsequently adjusted for changes in estimated asset retirement...

  • Page 50
    ... 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 51
    ... 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-lived asset. Long-lived assets are considered impaired if the carrying...

  • Page 52
    ...assets, including the trade names, are recorded in other long-term assets in the Consolidated Balance Sheets. Pre-Opening Costs Pre-opening and start-up activity costs, which include rent and occupancy, supplies, advertising, and payroll expenses incurred prior to the opening of a new store or other...

  • Page 53
    ... store locations and online. The co-branded credit card is a VISA credit card bearing the logo of Gap, Banana Republic, Old Navy, or Athleta and can be used everywhere VISA credit cards are accepted. A third-party financing company is the sole owner of the accounts and underwrites the credit issued...

  • Page 54
    ... U.S. GAAP and International Financial Reporting Standards. In August 2015, the FASB issued ASU No. 2015-14, Revenue from Contracts with Customers, Deferral of the Effective Date, which defers the effective date of the new revenue recognition standard by one year. As a result, the ASU No. 2014-09 is...

  • Page 55
    ... those years beginning after December 15, 2016. We do not expect the adoption of this ASU to have a material impact on our Consolidated Financial Statements. In November 2015, the FASB issued ASU No. 2015-17, Income Taxes, which changes how deferred taxes are classified on the balance sheet. The...

  • Page 56
    ... in fiscal 2015, 2014, or 2013. Other Current Assets Other current assets consist of the following: ($ in millions) January 30, 2016 January 31, 2015 Accounts receivable Prepaid minimum rent and occupancy expenses Prepaid income taxes Current portion of deferred tax assets (1) Derivative financial...

  • Page 57
    ... in our Consolidated Balance Sheet as of January 30, 2016. Accrued Expenses and Other Current Liabilities Accrued expenses and other current liabilities consist of the following: ($ in millions) January 30, 2016 January 31, 2015 Unredeemed gift cards, gift certificates, and credit vouchers, net of...

  • Page 58
    Sales Return Allowance A summary of activity in the sales return allowance account is as follows: ($ in millions) January 30, 2016 January 31, 2015 February 1, 2014 Balance at beginning of fiscal year Additions Returns Balance at end of fiscal year $ $ 29 $ 865 (867) 27 $ 26 $ 896 (893) 29 $ ...

  • Page 59
    ... plus a fixed margin. The average interest rate for fiscal 2015 was 1 percent. The carrying amount of the Japan Term Loan as of January 30, 2016 approximated its fair value, as the interest rate varies depending on quoted market rates (level 1 inputs). The Japan Term Loan agreement contains certain...

  • Page 60
    ...the letter of credit agreement. Note 6. Fair Value Measurements There were no purchases, sales, issuances, or settlements related to recurring level 3 measurements during fiscal 2015 or 2014. There were no transfers into or out of level 1 and level 2 during fiscal 2015 or 2014. Financial Assets and...

  • Page 61
    ... Balance Sheets. Nonfinancial Assets In June 2015, the Company announced a series of strategic actions to position Gap brand for improved business performance in the future, including its plan to close about 175 Gap brand specialty stores in North America and a limited number of stores in Europe...

  • Page 62
    ... into to hedge forecasted merchandise purchases and related costs, intercompany royalty payments, and intercompany revenue transactions generally have terms of up to 24 months. There were no material amounts recorded in income for fiscal 2015, 2014, or 2013 as a result of our analysis of hedge...

  • Page 63
    ... income within the next 12 months at the then-current values, which may differ from the fair values as of January 30, 2016 shown above. Our foreign exchange forward contracts are subject to master netting arrangements with each of our counterparties and such arrangements are enforceable in the event...

  • Page 64
    ... $0.05 per share, and to establish at the time of issuance the issue price, dividend rate, redemption price, liquidation value, conversion features, and such other terms and conditions of each series (including voting rights) as the Board of Directors deems appropriate, without further action on the...

  • Page 65
    ...: Fiscal Year ($ and shares in millions except average per share cost) 2015 2014 2013 Number of shares repurchased Total cost Average per share cost including commissions $ $ 30 1,000 33.90 $ $ 30 1,164 39.28 $ $ 26 1,009 38.42 Between January 2013 and October 2014, the Board of Directors...

  • Page 66
    ... Statements of Income. Note 10. Share-Based Compensation Share-based compensation expense is as follows: Fiscal Year ($ in millions) 2015 2014 2013 Stock units Stock options Employee stock purchase plan Share-based compensation expense Less: Income tax benefit Share-based compensation expense, net...

  • Page 67
    ... that the Performance Shares will vest. We record share-based compensation expense on an accelerated basis 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 2011 Plan for fiscal 2015 is as...

  • Page 68
    ...years of continued service by the employee, with 25 percent vesting on each of the four anniversary dates. The fair value of stock options issued during fiscal 2015, 2014, and 2013 was estimated on the date of grant using the following assumptions: 2015 Fiscal Year 2014 2013 Expected term (in years...

  • Page 69
    ... percent of the closing price on the New York Stock Exchange on the last day of the three-month purchase periods. Accordingly, compensation expense is recognized for an amount equal to the 15 percent discount. Employees pay for their stock purchases through payroll deductions at a rate equal to any...

  • Page 70
    ...non-cancelable sublease agreements. Rent expense related to our store premises, corporate facilities, and distribution centers under operating leases is as follows: ($ in millions) 2015 Fiscal Year 2014 2013 Minimum rent expense Contingent rent expense Less: Sublease income Total $ $ 1,211 $ 106...

  • Page 71
    ... 12 (10) 101 551 $ 70 6 (1) 75 751 $ The difference between the effective tax rate and the U.S. federal statutory tax rate is as follows: 2015 Fiscal Year 2014 2013 Federal statutory tax rate State and local income taxes, net of federal benefit Tax impact of foreign operations Excess foreign tax...

  • Page 72
    ... of the following: ($ in millions) January 30, 2016 January 31, 2015 Gross deferred tax assets: Deferred rent Accrued payroll and related benefits Nondeductible accruals Inventory capitalization and other adjustments Deferred income Federal, state, and foreign net operating losses Other Total...

  • Page 73
    ... activity related to our unrecognized tax benefits is as follows: ($ in millions) 2015 Fiscal Year 2014 2013 Balance at beginning of fiscal year Increases related to current year tax positions Prior year tax positions: Increases Decreases Cash settlements Foreign currency translation Balance at end...

  • Page 74
    ... non-employee directors to defer compensation up to a maximum amount. Plan investments are recorded at market value and are designated for the DCP. The fair value of the Company's DCP assets is determined based on quoted market prices. As of January 30, 2016 and January 31, 2015, the assets related...

  • Page 75
    ... segments included: Gap Global, Old Navy Global, Banana Republic Global, Athleta, and Intermix. Each operating segment has a brand president who is responsible for all geographies and channels. Each of our brands serves customers through its store and online channels, allowing us to execute on our...

  • Page 76
    Net sales by brand and region are as follows: ($ in millions) Fiscal 2015 Gap Global Old Navy Global Banana Republic Global Other (2) Total Percentage of Net Sales U.S. (1) Canada Europe Asia Other regions Total Sales growth (decline) ($ in millions) Fiscal 2014 $ $ 3,303 $ 348 726 1,215 159 5,...

  • Page 77
    ... and annual operating results are as follows: 13 Weeks Ended ($ in millions except per share amounts) May 2, 2015 13 Weeks Ended August 1, 2015 13 Weeks Ended October 31, 2015 13 Weeks Ended January 30, 2016 52 Weeks Ended January 30, 2016 (fiscal 2015) Net sales Gross profit Net income Earnings...

  • Page 78
    ...quarter of fiscal 2015 that has materially affected, or is reasonably likely to materially affect, the Company's internal control over financial reporting. Item 9B. Other Information. Not applicable. Part III Item 10. Directors, Executive Officers and Corporate Governance. The information required...

  • Page 79
    ... entitled "Executive Compensation and Related Information-Equity Compensation Plan Information" and "Beneficial Ownership of Shares" in the 2016 Proxy Statement. Item 13. Certain Relationships and Related Transactions, and Director Independence. The information required by this item is incorporated...

  • Page 80
    Part IV 1. 2. 3. Item 15. Exhibits, Financial Statement Schedules. Financial Statements: See "Index to Consolidated Financial Statements" in Part II, Item 8 of this Form 10K. Financial Statement Schedules: Schedules are included in the Consolidated Financial Statements or notes of this Form 10-K or...

  • Page 81
    ...March 21, 2016 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...

  • Page 82
    ... Certificate of Incorporation, filed as Exhibit 3.2 to Registrant's Annual Report on Form 10-K for year ended January 29, 2000, Commission File No. 1-7562. Amended and Restated Bylaws of the Company (effective February 1, 2015), filed as Exhibit 3(ii) to Registrant's Form 8-K on November 14, 2014...

  • Page 83
    ...the quarter ended May 4, 2013, Commission File No. 1-7562. (1) Amended and Restated Consumer Credit Card Program Agreement by and among Registrant, Gap (Puerto Rico), Inc., GPS Consumer Direct, Inc., Gap (Apparel), LLC, Gap (ITM) Inc., GE Capital Retail Bank and GE Capital Retail Finance Corporation...

  • Page 84
    ... to Supplemental Deferred Compensation Plan - Merging of Executive Deferred Compensation Plan into the Plan and Name Change to Deferred Compensation Plan, filed as Exhibit 10.2 to Registrant's Form 10-Q for the quarter ended October 31, 2009, Commission File No. 1-7562. 1981 Stock Option Plan, filed...

  • Page 85
    ... Plan, 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 Non-Qualified 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...

  • Page 86
    ... to Registrant's Form 10-Q for the quarter ended July 28, 2012, Commission File No. 1-7562. Form of Non-Qualified Stock Option Agreement under the 2011 Long-Term Incentive Plan, filed as Exhibit 10.72 to Registrant's Form 10-K for the year ended February 2, 2013, Commission File No. 1-7562. Form of...

  • Page 87
    ... to Registrant's Form 10-Q for the quarter ended July 28, 2012, Commission File No. 1-7562. Form of Restricted Stock Unit Award Agreement under the 2011 Long-Term Incentive Plan, filed as Exhibit 10.89 to Registrant's Form 10-K for the year ended February 2, 2013, Commission File No. 1-7562. Form of...

  • Page 88
    ... Form 10-Q for the quarter ended May 3, 2014, Commission File No. 1-7562. Agreement for Post-Termination Benefits with Jack Calhoun dated June 9, 2012, filed as Exhibit 10.121 to Registrant's Form 10-K for the year ended February 2, 2013, Commission File No. 1-7562. Agreement with Jack Calhoun dated...

  • Page 89
    ... of Arrangement 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. CEO Performance Share Agreement dated May 4, 2012, filed as Exhibit 10.1 to Registrant...

  • Page 90
    ... 2, 2013, Commission File No. 1-7562. Amendment to Agreement for Post-Termination Benefits with Sonia Syngal dated June 4, 2014, filed as Exhibit 10.10 to Registrant's Form 10-Q for the quarter ended May 3, 2014, Commission File No. 1-7562. Summary of Changes to Non-employee Director Compensation...

  • Page 91
    ...Code of Business Conduct, filed as Exhibit 14 to Registrant's Form 10-K for the year ended January 30, 2010, Commission File No. 1-7562. Subsidiaries of Registrant. (2) Consent of Independent Registered Public Accounting Firm. (2) Rule 13a-14(a)/15d-14(a) Certification of the Chief Executive Officer...

  • Page 92
    [email protected] Stock Exchange Listing Trading Symbol "GPS" / New York Stock Exchange Annual Shareholders' Meeting May 17, 2016, 10:00 a.m. Pacific Time Gap Inc. Headquarters 2 Folsom Street San Francisco, CA 94105 Independent Registered Public Accounting Firm Deloitte & Touche LLP San Francisco...

  • Page 93
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