The Gap 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

  • Page 2

  • Page 3
    ... to our brand 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...

  • Page 4
    ... critical aspects of our business to position us for the future. Our growth prospects across channels, as well as geographies such as China, continue to be extremely 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...

  • Page 5
    ... market value of the voting and non-voting common equity held by non-affiliates of the registrant as of July 31, 2015 was approximately $10 billion based upon the last price reported for such date in the NYSE-Composite transactions. The number of shares of the registrant's common stock outstanding...

  • Page 6
    ...on the mobile and digital expressions of our brands; • attracting, retaining, and training great talent in our businesses and functions; • improving sales performance through a more consistent, on-trend product offering; • continued focus on our responsive supply chain and inventory management...

  • 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
    ... Report on Form 10-K and our other filings with the U.S. Securities and Exchange Commission ("SEC"). Future economic and industry trends that could potentially impact net sales and profitability are difficult to predict. These forward-looking statements are based on information as of March 21, 2016...

  • 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
    ..., Canada, the United Kingdom, France, Ireland, Japan, Italy, China, Hong Kong, Taiwan, and beginning in October 2015, Mexico. We also have franchise agreements with unaffiliated franchisees to operate Gap, Banana Republic, and Old Navy stores throughout Asia, Australia, Europe, Latin America, the...

  • Page 11
    ... of brand development except for product design related to third-party products. We continue to invest in our business and enhance the customer experience through significant investments in marketing and our omni-channel capabilities, enhancement of our online shopping sites, international expansion...

  • Page 12
    ... 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 additional information on risks related...

  • Page 13
    ..., Global Supply Chain from November 2013 to January 2015; Senior Vice President, 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...

  • Page 14
    ... to changing customer shopping preferences and practices, including the increasing 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...

  • Page 15
    ...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, and a search for a new global brand...

  • Page 16
    ...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 internationally. Our franchisees plan to...

  • Page 17
    ... will operate, stores and websites that sell apparel and related products under our brand names. 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 internationally and our...

  • Page 18
    ... 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, foreign...

  • Page 19
    ... changing media environment, including our increasing reliance on social media and online dissemination of advertising campaigns. Even if we react appropriately to negative posts or comments about us and/or our brands on social media and online, our customers' perception of our brand image and...

  • Page 20
    ... 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, and data privacy claims, including class action lawsuits. The plaintiffs...

  • 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
    ... 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 quarters in fiscal 2015 and 2014. Market Prices Fiscal 2015 High Low Fiscal 2014 High Low...

  • Page 23
    ...ii) the S&P 500 Index. The total stockholder return 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...

  • Page 24
    ... of common stock of the 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...

  • 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
    ... 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-operated and franchise store locations. 17

  • Page 27
    ... 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, the United Kingdom, France, Ireland, Japan, Italy, China, Hong Kong...

  • Page 28
    ... supply chain and inventory management. Further, we expect to 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...

  • Page 29
    ...consistent basis for comparison. Store Count and Square Footage Information Net sales per average square foot is as follows: 2015 Fiscal Year 2014 2013 Net sales per average square foot (1) _____ (1) Excludes net sales associated with our online and franchise businesses. $ 337 $ 361 $ 365 20

  • Page 30
    ... February 1, 2014 Number of Store Locations Fiscal 2014 Number of Number of Stores Opened Stores Closed January 31, 2015 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...

  • Page 31
    ... 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 will continue to be...

  • Page 32
    ... 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 2013...

  • Page 33
    ... of $107 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, which resulted in increased cash inflow in fiscal 2014; and • a decrease of $150 million related to lease incentives and...

  • Page 34
    ... offset by • $4 million net cash out flows for fiscal 2015 compared with $38 million net cash inflows for fiscal 2014 related to issuance under share-based compensation plans and withholding tax payments related to vesting of stock units. Net cash used for financing activities during fiscal...

  • Page 35
    ..., 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 repurchases is set forth...

  • Page 36
    ... included in Part II, Item 8 of this Form 10-K. Critical Accounting Policies and Estimates The preparation of financial statements in accordance with GAAP requires management to adopt accounting policies and make significant judgments and estimates to develop amounts reflected and disclosed in the...

  • Page 37
    ... 8 of this Form 10-K. The policies and estimates discussed below include the financial statement elements that are either judgmental or involve the selection or application of alternative accounting policies and are material to our financial statements. Management has discussed the development and...

  • Page 38
    ... an important 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...

  • 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
    ... of this Form 10-K for recent accounting pronouncements, including the expected dates of adoption and estimated effects on our Consolidated Financial Statements. Item 7A. Quantitative and Qualitative Disclosures About Market Risk. Derivative Financial Instruments Certain financial information about...

  • Page 41
    ... 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 ended January 30, 2016, January 31, 2015, and February 1, 2014 Consolidated Statements...

  • Page 42
    ... 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 30...

  • Page 43
    ...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...2,797 165 2,983 7,690 See Accompanying Notes to Consolidated Financial Statements 34

  • Page 44
    ... 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-average number...

  • 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 tax...

  • Page 46
    ...-based compensation plans, 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 ($0.70 per share) Balance as of February 1, 2014 Net income...

  • Page 47
    ... 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 Accrued expenses and other current liabilities Income taxes payable, net of prepaid and other tax-related...

  • Page 48
    ... 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, the United Kingdom, France, Ireland, Japan, Italy, China, Hong Kong...

  • Page 49
    ...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 Software Shorter of remaining lease term or economic life, up to 15 years Up...

  • Page 50
    ... transacted at stores when the customer receives and pays for the merchandise at the register. For sales where we ship the merchandise to the customer from a distribution center or store, revenue is recognized at the time we estimate the customer receives the product. Amounts related to shipping and...

  • Page 51
    ... and is recorded as a reduction to rent expense as the reduced cash payments are made. Costs related to common area maintenance, insurance, real estate taxes, and other occupancy costs the Company is obligated to pay are excluded from minimum rent expense. Certain leases provide for contingent...

  • Page 52
    ... a loss equal to the difference between the carrying amount and the estimated fair value of the trade name. The fair value of a trade name is determined using the relief from royalty method, which requires management to make assumptions and to apply judgment, including forecasting future sales and...

  • Page 53
    ... U.S. or Canadian 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...

  • Page 54
    ... related to unrecognized tax benefits in operating expenses in the Consolidated Statements of Income. Recent Accounting Pronouncements In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers, to clarify the principles of recognizing revenue and create common revenue...

  • Page 55
    ... within 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...

  • 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
    ... 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 $ 27 896 (897) 26 Sales return allowances are...

  • Page 59
    .... As of January 30, 2016 and January 31, 2015, the estimated fair value of the Notes was $1.29 billion and $1.44 billion, respectively, and was based on the quoted market price of the Notes (level 1 inputs) as of the last business day of the respective fiscal year. In January 2014, we entered into...

  • Page 60
    ...2 during fiscal 2015 or 2014. Financial Assets and Liabilities Financial assets and liabilities measured at fair value on a recurring basis and cash equivalents held at amortized cost are as follows: Fair Value Measurements at Reporting Date Using Quoted Prices in Active Markets for Identical Assets...

  • 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
    ... the net assets of international subsidiaries to offset the foreign currency translation and economic exposures related to our investment in the subsidiaries. There were no material amounts recorded in income for fiscal 2015, 2014, or 2013 as a result of our analysis of hedge ineffectiveness, hedge...

  • Page 63
    ...about Derivative Financial Instruments The fair values of foreign exchange forward contracts are as follows: ($ in millions) January 30, 2016 January 31, 2015 Derivatives designated as cash flow hedges: Other current assets Other long-term assets Accrued expenses and other current liabilities Lease...

  • Page 64
    ...lower cash dividend. No Class B shares have been issued as of January 30, 2016. The Company is authorized to issue 30 million shares of one or more series of preferred stock, which has a par value of $0.05 per share, and to establish at the time of issuance the issue price, dividend rate, redemption...

  • Page 65
    ...is as follows: 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...

  • Page 66
    ... line items in the Consolidated 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...

  • Page 67
    ... Plan, nonqualified stock options and other stock awards are granted to officers, directors, eligible employees, and consultants at exercise prices or initial values equal to the fair market value of the Company's common stock at the date of grant or as determined by the Compensation and Management...

  • Page 68
    ... related to unvested Stock Units, which is expected to be recognized over a weighted-average period of 1.98 years. Total unrecognized share-based compensation may be adjusted for future changes in estimated forfeitures. Stock Units Granted Based on Performance Metrics Under the 2011 Plan, some Stock...

  • Page 69
    ... 30, 2016 had a weightedaverage remaining contractual life of 5.69 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 70
    ...a similar tax loss, or a tax credit carryforward exists. This adoption did not have a material impact on our Consolidated Financial Statements. For financial reporting purposes, components of income before income taxes are as follows: ($ in millions) 2015 Fiscal Year 2014 2013 United States Foreign...

  • Page 71
    ...$ 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 credits Other Effective tax rate 35...

  • Page 72
    ... no current year earnings were in excess of the amount we expect to utilize in our foreign operations for an indefinite period of time and, therefore, we have not recorded any related U.S. tax expense. U.S. income tax has not been recognized on the excess of the amount for financial reporting over...

  • Page 73
    ... GapShare 401(k) Plan and the GapShare Puerto Rico Plan (the "Plans"), which are available to employees who meet the eligibility requirements. The Plans permit eligible employees to make contributions up to the maximum limits allowable under the applicable Internal Revenue Codes. Under the Plans, we...

  • Page 74
    ...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 to the DCP were $37 million...

  • Page 75
    ... and January 31, 2015 was not material for any individual Action or in total. Subsequent to January 30, 2016 and through the filing date of March 21, 2016, no information has become available that indicates a change is required that would be material to our Consolidated Financial Statements taken as...

  • 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
    ... financial instruments in an asset position and long-term deferred tax assets, by geographic location are as follows: ($ in millions) January 30, 2016 January 31, 2015 U.S. (1) Canada Total North America Other regions Total long-lived assets _____ (1) U.S. includes the United States, Puerto Rico...

  • Page 78
    ... the 2016 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 79
    ... to the sections 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...

  • Page 80
    ..." 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 are not required. Exhibits: The exhibits listed in the accompanying index to exhibits are filed or incorporated by reference as part of...

  • Page 81
    ... Executive Officer) Date: 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...

  • Page 82
    ... 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, Commission File No. 1-7562. Indenture, dated as of...

  • Page 83
    ... Synchrony Financial, dated as of December 15, 2015. (1) (2) 10.9 10.10 10.11 10.12 10.13 10.14 10.15 10.16 EXECUTIVE COMPENSATION PLANS AND ARRANGEMENTS 10.17 Executive Management Incentive Compensation Award Plan, filed as Appendix A to Registrant's definitive proxy statement for its annual...

  • Page 84
    ...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 as Exhibit 4.1 to Registrant's Registration Statement...

  • Page 85
    .... 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 86
    ... Registrant's 2006 Long-Term Incentive Plan, filed as Exhibit 10.62 to Registrant's Form 10-K for the year ended February 3, 2007, Commission File No. 1-7562. 2011 Long-Term Incentive Plan, filed as Appendix A to Registrant's definitive proxy statement for its annual meeting of stockholders held on...

  • Page 87
    ... Incentive Plan, filed as Exhibit 10.4 to Registrant's Form 8-K on March 6, 2015, Commission File No. 1-7562. Form of Director Stock Unit Agreement and Stock Unit Deferral Election Form under the 2011 LongTerm Incentive Plan. (2) Summary of Revised Timing of Annual Board Member Stock Unit Grants...

  • Page 88
    ... with Jeff Kirwan dated November 17, 2014 and confirmed on November 18, 2014, filed as Exhibit 10.108 to Registrant's Form 10-K for the year ended January 31, 2015, Commission File No. 1-7562. Agreement with Stefan Larsson dated April 26, 2012 and confirmed on April 27, 2012, filed as Exhibit 10...

  • 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
    ...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 effective February 15, 2008, filed as Exhibit 10.6 to Registrant's Form 10-Q for the...

  • 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, CA...

  • Page 93
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