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Connecting with our customers
2009 Annual Report

Table of contents

  • Page 1
    Connecting with our customers 2009 Annual Report

  • Page 2
    ..., it is always to focus on the customer..." Don Fisher, Co-founder 1928 - 2009 Dear Shareholders, In 2009, our company turned a corner- delivering double-digit earnings per share increases for the third year in a row and securing a foundation for growth. It wasn't easy. Because of the economic...

  • Page 3
    "Gap's new line just fits again. I now have three pairs of the 1969 jeans and I wear them nearly every day." Amber Adrian

  • Page 4
    Style & Value "For my kids, Old Navy just offers a nice balance between being stylish and not-too-baby looking. And it's not expensive." Erica Pan

  • Page 5
    ..., Mike and the kids. Across every department, Old Navy worked hard to make sure that decisions were made with this target family clearly in mind. As a result, Old Navy was able to deliver fashion at a great value for the entire family. The strategy is paying off; the business delivered six months of...

  • Page 6
    ... stores in 2009, and customers responded strongly to the new shopping experience, with these stores outperforming the rest of the fleet in sales and customer service levels. By the end of 2010, we expect to have remodeled about one-quarter of our Old Navy fleet. Gap has been improving its stores...

  • Page 7
    New Store Looks "Banana Republic is so easy to wear to work or out with friends. The clothes are sharp, smart, stylish and clean." Tom Flannigan

  • Page 8
    Building Buzz "Athleta is known for a lot of yoga and soft and fuzzy sports- but, as a runner, I think their performance wear is excellent." Andrea Smalling

  • Page 9
    ... marketing and aggressive, one-day promotions. Another example was Gap's "accessible premium" platform. The brand generated momentum through its integrated marketing and buzz-building 1969 denim campaign. The social media campaign drove more than 52 million impressions online alone. Pop-up stores...

  • Page 10
    ... Old Navy online in Canada, and Gap and Banana Republic online in the UK, also serving nine other European countries. Similarly, our outlet stores will be a significant part of our global expansion plans. Our franchise business continues to expand, including signed agreements to open our first Gap...

  • Page 11
    ... our fourth social responsibility report, which detailed our intensified focus on the environment. We have expanded our "friends and family" program so that we're able to help our non-profit partners, and, through this program alone, we have contributed nearly $10 million since 2008. Following the...

  • Page 12
    Don Fisher 1928 - 2009

  • Page 13
    ... expected to transform retail. In fact, he never imagined a business that would grow beyond a modest chain of casual apparel stores-"maybe," as he once put it, "as many as 10." Humility was a part of Don's legacy. He was as competitive as he was compassionate. Last year, when he spoke to employees...

  • Page 14
    ... spoke passionately about building quality and value in absolutely everything we do," said Marka Hansen, Gap Brand North America president and 22-year veteran of Gap Inc. "These words still guide us today." Today, the Fisher legacy lives on. Doris served for nearly 40 years on the Gap Inc. Board of...

  • Page 15
    "Our company continues to demonstrate values that, from the beginning, set us apart- creativity, risk-taking, loyalty, integrity, doing what's right and staying focused on our customers." Don Fisher August 21, 2009

  • Page 16
    Financial highlights Despite a challenging economic environment, Gap Inc. delivered its third consecutive year of double-digit earnings per share growth in fiscal year 2009. The earnings results were driven by improved sales in the fourth quarter and continued margin improvement. We ended the year ...

  • Page 17
    ..., San Francisco, California 94105 (Address of principal executive offices) (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 Stock Exchange, Inc. (Title of class) (Name of...

  • Page 18
    ...fiscal 2010; (xii) the number of new store openings and store closings in fiscal 2010; (xiii) net square footage change in fiscal 2010; (xiv) our plan to increase our dividend in fiscal 2010; (xv) future share repurchases; (xvi) the expected payments and the expected benefits, including cost savings...

  • Page 19
    ... 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 20
    ...to address the market for value-priced family apparel. Old Navy offers broad selections of apparel, shoes, and accessories for adults, children, and infants, as well as other items, including a maternity line, consumables, and personal care products. Banana Republic. Acquired in 1983 with two stores...

  • Page 21
    ...of existing stores, the opening of new stores, the closure of under-performing stores, the enhancement of our online shopping sites, additional investments in marketing, and a focus on customer service. Trademarks and Service Marks Gap, GapKids, babyGap, GapBody, Banana Republic, Old Navy, Piperlime...

  • Page 22
    ..., our annual reports on Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8-K, and amendments to those reports as soon as reasonably practicable after we electronically file or furnish them to the U.S. Securities and Exchange Commission ("SEC"). Our Code of Business Conduct, Board...

  • Page 23
    ..., Gap Inc. Outlet from February 2008 to October 2008; Senior Vice President of The Boston Consulting Group, a business consulting firm, from 1982 to May 2005; Director of The Boston Consulting Group from 1988 to 2005. Eva Sage-Gavin, 51, Executive Vice President, Global Human Resources and Corporate...

  • Page 24
    ... global specialty apparel retail industry is highly competitive. We compete with local, national, and global department stores, specialty and discount store chains, independent retail stores, and online businesses that market similar lines of merchandise. We face a variety of competitive challenges...

  • Page 25
    ... at our largest brands. A variety of factors affect comparable store sales, including fashion trends, competition, current economic conditions, the timing of new merchandise releases and promotional events, changes in our merchandise mix, the success of marketing programs, and weather conditions...

  • Page 26
    ... expansion in a number of countries around the world through a number of channels and brands. For example, we currently plan to open additional Gap stores in Europe and our first Gap stores in China, expand Banana Republic in Europe, open additional outlet stores in Canada, Europe, and 10 Gap Inc...

  • Page 27
    ... at an acceptable price, or at all. Any delays, interruption, or increased costs in the manufacture of our products could have an adverse effect on our ability to meet consumer demand for our products and result in lower sales and net income. Because independent vendors manufacture nearly all of...

  • Page 28
    ... located in San Francisco, San Bruno, and Rocklin, California, of which approximately 184,000 square feet is leased to another company. We lease approximately 1.2 million square feet of corporate office space located in San Francisco, San Bruno, Rocklin, and Petaluma, California; New York, New York...

  • Page 29
    ... may occur and negatively impact income in the quarter of such development, settlement, or resolution. However, we do not believe that the outcome of any current Action would have a material adverse effect on our financial results. Item 4. Removed and Reserved. 13

  • Page 30
    ... the New York Stock Exchange. The number of holders of record of our stock as of March 22, 2010 was 8,903. The table below sets forth the market prices and dividends declared and paid for each of the fiscal quarters in fiscal 2009 and fiscal 2008. Market Prices Fiscal Year 2009 Fiscal Year 2008 High...

  • Page 31
    ... stock of the Company made during the thirteen weeks ended January 30, 2010, 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...

  • Page 32
    ... Data ($ and square footage in millions) Purchases of property and equipment ...Acquisition of business, net of cash acquired (c) ...Number of store locations opened ...Number of store locations closed ...Number of store locations open at year-end ...Percentage decrease in comparable store sales...

  • Page 33
    ... reclassification into current maturities of long-term debt. (c) In September 2008, we acquired all of the outstanding capital stock of Athleta, Inc., a women's sports and active apparel company, for an aggregate purchase price of $148 million. (d) Excludes square footage related to the discontinued...

  • Page 34
    ... 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 Kingdom, France...

  • Page 35
    ... from customers for delivery of merchandise. Gap and Banana Republic outlet retail sales are reflected within the respective results of each brand. We identify our operating segments based on the way we manage and evaluate our business activities. We have two reportable segments: Stores and Direct...

  • Page 36
    ...2009 Number of Store Locations Fiscal 2009 Number of Number of Stores Opened Stores Closed January 30, 2010 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
    ... translated at fiscal 2008 exchange rates. • For the Direct reportable segment, our fiscal 2008 net sales increased $127 million, or 14 percent, compared with fiscal 2007 due to the growth in our online business across all brands and the acquisition of Athleta in September 2008. Cost of Goods Sold...

  • Page 38
    ... include the following: • payroll and 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...

  • Page 39
    ..., or 0.7 percentage points as a percentage of net sales, in fiscal 2009 compared with fiscal 2008. The increase was mainly due to $78 million in increased marketing expenses primarily for Gap and Old Navy, offset by $68 million in decreased store payroll and benefits and other store-related expenses...

  • Page 40
    ...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 for fiscal 2007. Liquidity and Capital Resources Our largest source of cash flows is cash collections from the sale...

  • Page 41
    ... liabilities and other current liabilities related to information technology projects and advertising expenses; offset by • higher net income in fiscal 2008 compared with fiscal 2007. Inventory management remains an area of focus. Inventory per square foot at January 30, 2010 was relatively flat...

  • Page 42
    ...new store locations and close about 110 store locations. As a result, we expect net square footage to decrease about 3 percent for fiscal 2010. Cash Flows from Financing Activities Our cash outflows from financing activities consist primarily of the repurchases of our common stock, dividend payments...

  • Page 43
    ...repurchases in the open market. The purchase agreements were terminable upon 15 business days notice by the Company or individual Fisher family members. During fiscal 2009, we repurchased approximately 24 million shares for $510 million, including commissions, at an average price per share of $21.30...

  • Page 44
    ...the United States of America, our operating leases are not recorded in the Consolidated Balance Sheet; however, the minimum lease payments related to these leases are disclosed in Note 11 of Notes to Consolidated Financial Statements. Purchase obligations include our non-exclusive services agreement...

  • Page 45
    ... reinsurance pool diminishes. Critical Accounting Policies and Estimates The preparation of financial statements in accordance with accounting principles generally accepted in the United States of America requires management to adopt accounting policies and make significant judgments and estimates...

  • Page 46
    ... $54 million, respectively, as of January 30, 2010 and January 31, 2009 and were allocated to the Direct reportable segment. We review the carrying value of goodwill and the trade name for impairment annually and whenever events or changes in circumstances indicate that the carrying value may not be...

  • Page 47
    ... 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...

  • Page 48
    ... Item 8, Financial Statements and Supplementary Data, Note 1 of Notes to Consolidated Financial Statements for recent accounting pronouncements, including the expected dates of adoption and estimated effects on our financial position, statement of cash flows, and results of operations. 32 Gap Inc...

  • Page 49
    ... other variables held constant) on our underlying exposure, net of derivative financial instruments. The foreign currency exchange rates used in the model were based on the spot rates in effect at January 30, 2010. The sensitivity analysis indicated that a hypothetical 10 percent adverse movement in...

  • Page 50
    ... 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, 2010 and January 31, 2009 ...Consolidated Statements of Income for the fiscal years...

  • Page 51
    ... internal control over financial reporting is a process designed by, or under the supervision of, the company's principal executive and principal financial officers, or persons performing similar functions, and effected by the company's board of directors, management, and other personnel to provide...

  • Page 52
    THE GAP, INC. CONSOLIDATED BALANCE SHEETS ($ and shares in millions except par value) January 30, 2010 January 31, 2009 ASSETS Current assets: Cash and cash equivalents ...Short-term investments ...Restricted cash ...Merchandise inventory ...Other current assets ...Total current assets ...Property ...

  • Page 53
    THE GAP, INC. CONSOLIDATED STATEMENTS OF INCOME ($ and shares in millions except per share amounts) 2009 Fiscal Year 2008 2007 Net sales ...Cost of goods sold and occupancy expenses ...Gross profit ...Operating expenses ...Operating income ...Interest expense ...Interest income ...Income from ...

  • Page 54
    ...award plans, net of shares withheld for employee taxes ...7 Tax benefit from exercise of stock options and vesting of stock units ...Share-based compensation, net of estimated forfeitures ...Repurchases of common stock ...Reissuance of treasury stock ...Cash dividends ... Balance at February 2, 2008...

  • Page 55
    ... share-based compensation, net of withholding tax payments ...Repurchases of common stock ...Excess tax benefit from exercise of stock options and vesting of stock units ...Cash dividends paid ...Net cash used for financing activities ...Effect of foreign exchange rate fluctuations on cash ...Net...

  • Page 56
    ... 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...

  • Page 57
    ... Financial Statements. Property and Equipment Depreciation is computed using the straight-line method over the estimated useful lives of the related assets. Estimated useful lives are as follows: Category Term Leasehold improvements Furniture and equipment Buildings and building improvements...

  • 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 from our online and catalog business, we estimate and defer revenue...

  • Page 59
    Operating expenses include: • payroll and 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 ...

  • Page 60
    ...method, which requires management to make assumptions and to apply judgment, including forecasting future sales and royalty rates. Goodwill and 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...

  • Page 61
    ... 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 everywhere VISA credit cards are accepted. A third-party financing company is the sole owner of the accounts issued under the Credit Card programs, and this...

  • Page 62
    ...per share are computed as net income divided by the weighted-average number of common shares outstanding for the period plus common stock equivalents. Common stock equivalents consist of shares subject to stock options and other stock awards with exercise prices less than the average market price of...

  • Page 63
    ... January 30, 2010 January 31, 2009 Current portion of deferred tax assets ...Prepaid minimum rent and occupancy expenses ...Prepaid expenses ...Prepaid catalog ...Other ...Other current assets ... $193 140 119 1 143 $596 $166 136 217 3 221 $743 No other individual items accounted for greater than...

  • Page 64
    ... on the Consolidated Statements of Income for fiscal 2008 and 2007. Other Long-Term Assets Other long-term assets consist of the following: ($ in millions) January 30, 2010 January 31, 2009 Long-term tax-related assets ...Goodwill ...Trade name ...Lease rights and key money, net of accumulated...

  • Page 65
    ... compensation and benefits ...Unredeemed gift cards, gift certificates, and credit vouchers, net of breakage ...Short-term deferred rent and tenant allowances ...Workers' compensation liability ...Accrued advertising ...Derivative financial instruments ...General insurance liability ...Sales return...

  • Page 66
    ...as of January 30, 2010, we expect our lease payments, net of sublease income, to be immaterial. Note 4. Acquisition, Goodwill, and Intangible Assets On September 28, 2008, we acquired all of the outstanding capital stock of Athleta Inc., a women's sports and active apparel company based in Petaluma...

  • Page 67
    ... at the time of merchandise title transfer, although the letters of credit are generally issued prior to this. Most of our merchandise vendors are now on open account payment terms. As of January 30, 2010, our letter of credit agreements consist of two separate $100 million, three-year, unsecured...

  • Page 68
    ... yen, and Canadian dollars. The 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...

  • Page 69
    ...value determined using pricing models based on current market rates. Cash flows from derivative financial instruments are classified as cash flows from operating activities in the Consolidated Statements of Cash Flows. Cash Flow Hedges We designate the following foreign exchange forward contracts as...

  • Page 70
    ... British pounds, and 3 billion Japanese yen related to our intercompany balances that bear foreign exchange risk. Contingent Features We had no derivative financial instruments with credit-risk-related contingent features underlying the agreements as of January 30, 2010. 54 Gap Inc. Form 10-K

  • Page 71
    ...asset and liability derivative financial instruments are as follows: January 30, 2010 Asset Derivatives ($ in millions) Balance Sheet Location Fair Value Liability Derivatives Balance Sheet Location Fair Value Derivatives designated as cash flow hedges: Foreign exchange forward contracts ...Foreign...

  • Page 72
    ...have been issued as of January 30, 2010. Share Repurchases Share repurchases are as follows: ($ and shares in millions except average per share cost) 2009 Fiscal Year 2008 2007 Number of shares repurchased ...Total cost ...Average per share cost including commissions ... 24 46 89 $ 510 $ 745 $1,700...

  • Page 73
    ...). The Fisher family shares were purchased at the same weighted-average market price that we paid for share repurchases in the open market. The purchase agreements were terminable upon 15 business days notice by the Company or individual Fisher family members. During fiscal 2009, 2008, and...

  • Page 74
    ... that the pre-determined financial target will be achieved. A summary of Stock Unit activity under the 2006 Plan for fiscal 2009 is as follows: Shares Weighted-Average Grant-Date Fair Value Balance at January 31, 2009 ...Granted ...Vested ...Forfeited ...Balance at January 30, 2010 ...A summary of...

  • Page 75
    ...: Fiscal Year 2009 2008 2007 Expected term (in years) ...Expected volatility ...Dividend yield ...Risk-free interest rate ... 5.0 4.7 6.0 51.3% 38.3% 28.9% 1.9% 1.7% 1.6% 1.9% 2.5% 4.9% A summary of stock option activity under the 2006 Plan and 2002 Plan for fiscal 2009 is as follows: Shares...

  • Page 76
    ... 30, 2010 had a weighted-average remaining contractual life of 3.74 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 77
    ... 30, 2010, we expect a total net cash outlay of approximately $18 million for future rent. Note 12. Income Taxes For financial reporting purposes, components of income from continuing operations before income taxes are as follows: ($ in millions) 2009 Fiscal Year 2008 2007 United States ...Foreign...

  • Page 78
    ... 30, 2010 January 31, 2009 Deferred tax assets: Deferred rent ...Accrued payroll and related benefits ...Nondeductible accruals ...Inventory capitalization and other adjustments ...Depreciation ...State and foreign net operating losses ("NOLs") ...Fair value of derivative financial instruments...

  • Page 79
    .... There were no accrued penalties related to the unrecognized tax benefits as of January 30, 2010 and January 31, 2009. The Company conducts business globally, and as a result, files income tax returns in the U.S. federal jurisdiction and various state and foreign jurisdictions. In the normal...

  • Page 80
    ... during fiscal 2009, 2008, and 2007, respectively. Based on the current projection of service needs, we expect to pay approximately $623 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 30, 2010. Under...

  • Page 81
    ... Financial Statements. Net sales by brand, region, and reportable segment are as follows: ($ in millions) Fiscal Year 2009 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...

  • Page 82
    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 segment (2) ...Total ...Sales Growth (Decline) ...Fiscal Year 2007 $3,840 329 724 732 - 5,625 ...

  • Page 83
    ... data are derived from our Consolidated Statements of Income: 13 Weeks Ended May 2, 2009 13 Weeks Ended August 1, 2009 13 Weeks Ended October 31, 2009 13 Weeks Ended January 30, 2010 52 Weeks Ended January 30, 2010 (fiscal year 2009) ($ in millions except per share amounts) Net sales ...Gross...

  • Page 84
    ..., management concluded that as of January 30, 2010, our internal control over financial reporting is effective. The Company's internal control over financial reporting as of January 30, 2010, has been audited by Deloitte & Touche LLP, an independent registered public accounting firm, as stated in...

  • Page 85
    ...code of ethics, our Code of Business Conduct, which 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, gapinc.com, under "Investors, Corporate...

  • Page 86
    ...-K. Financial Statement Schedules: 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. 70 Gap Inc. Form...

  • Page 87
    ... 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 capacities and on the dates indicated. Date: March 26, 2010 Date...

  • Page 88
    ..., 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, the Subsidiary Borrowers, the...

  • Page 89
    ... with John J. Fisher dated November 17, 2009, filed as Exhibit 10.2 to Registrant's Form 8-K on November 19, 2009, Commission File No. 1-7562. 10.14 10.15 10.16 10.17 10.18 10.19 EXECUTIVE COMPENSATION PLANS AND ARRANGEMENTS 10.20 10.21 10.22 10.23 Executive Management Incentive Compensation...

  • Page 90
    ... Commission File No. 33-54690. Management Incentive Restricted Stock Plan II, filed as Exhibit 4.1 to Registrant's Registration Statement on Form S-8, Commission File No. 33-54686. 1996 Stock Option and Award Plan, filed as Exhibit A to Registrant's definitive proxy statement for its annual meeting...

  • Page 91
    .... 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) filed as...

  • Page 92
    ...definitive proxy statement for its annual meeting of stockholders held on May 9, 2006, Commission File No. 1-7562. 2006 Long-Term Incentive Plan, as amended and restated effective August 20, 2008, filed as Exhibit 10.1 to Registrant's Form 10-Q for the quarter ended November 1, 2008, Commission File...

  • Page 93
    ... Form under the 2006 Long-Term 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, filed as Exhibit 10.3 to Registrant's Form...

  • Page 94
    ...'s Form 10-K for the year ended February 2, 2008, Commission File No. 1-7562. Code of Business Conduct 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, Inc. (Section 302 of the...

  • Page 95
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  • Page 97
    ... Sourcing, Gap Inc. Eva Sage-Gavin EVP, Global Human Resources and Corporate Affairs, Gap Inc. Sabrina Simmons EVP and Chief Financial Officer, Gap Inc. Stephen Sunnucks President, Europe and International Strategic Alliances Tom Wyatt President, Old Navy David Zoba SVP, Global Real Estate, Gap Inc...

  • Page 98
    ...New York Stock Exchange Annual Shareholders' Meeting May 18, 2010, 10 a.m. Gap Inc. headquarters 2 Folsom Street San Francisco, CA 94105 Independent auditors Deloitte & Touche LLP San Francisco, CA Registrar and transfer agent (for registered shareholders) Wells Fargo Bank, N.A. Shareowner services...

  • Page 99
    About this report The Gap Inc. 2009 Annual Report was printed by an environmentally sustainable printer, which utilizes 100 percent renewable wind power and sustainable manufacturing principles including: socially responsible procurement; manufacturing; green chemistry principles; reduced VOC inks ...

  • Page 100
    Wear your passion.