Gap Inc. Files 2024 10-K Report

TL;DR

<b>Gap Inc. has filed its annual 10-K report for the fiscal year ending February 3, 2024, detailing its financial performance and business operations.</b>

AI Summary

GAP INC (GAP) filed a Annual Report (10-K) with the SEC on March 19, 2024. Gap Inc. filed its 10-K report for the fiscal year ending February 3, 2024. The filing covers the fiscal year 2023. The company's principal executive offices are located at Two Folsom Street, San Francisco, CA 94105. Gap Inc. was incorporated in Delaware. The Standard Industrial Classification code for Gap Inc. is 5651 (Family Clothing Stores).

Why It Matters

For investors and stakeholders tracking GAP INC, this filing contains several important signals. This 10-K filing provides a comprehensive overview of Gap Inc.'s financial health, operational strategies, and risk factors for the fiscal year 2023, which is crucial for investors to assess the company's current standing and future prospects. Understanding the details within this report allows stakeholders to evaluate the company's performance against its peers and make informed investment decisions.

Risk Assessment

Risk Level: medium — GAP INC shows moderate risk based on this filing. The company operates in the highly competitive retail apparel industry, facing challenges from changing consumer preferences, economic downturns, and intense competition, which could impact its financial performance.

Analyst Insight

Investors should review Gap Inc.'s detailed financial statements and risk factors in the 10-K to understand its competitive positioning and potential headwinds in the apparel retail market.

Key Numbers

• 2024-02-03 — Fiscal Year End (Reported fiscal year end date)
• 2024-03-19 — Filing Date (Date the 10-K was filed)
• 0000039911-24-000066 — Accession Number (Unique identifier for the filing)
• 128 — Public Document Count (Number of documents included in the filing)

Key Players & Entities

• GAP INC (company) — Filer name
• Two Folsom Street, San Francisco, CA 94105 (company) — Business address
• DE (company) — State of incorporation
• 5651 (company) — Standard Industrial Classification
• GAP STORES INC (company) — Former company name

FAQ

Industry Context

Gap Inc. operates within the family clothing stores sector, a segment of the broader apparel retail industry characterized by fashion trends, consumer spending, and competition.

Regulatory Implications

As a publicly traded company, Gap Inc. is subject to the reporting requirements of the Securities and Exchange Commission (SEC), including the annual filing of a Form 10-K.

What Investors Should Do

1. Review the full 10-K filing for detailed financial statements and management discussion.
2. Analyze Gap Inc.'s competitive landscape and strategic initiatives outlined in the report.
3. Assess the identified risk factors and their potential impact on the company's future performance.

Key Dates

• 2024-02-03: Fiscal Year End — End of the reporting period for the 10-K.
• 2024-03-19: Filing Date — Date the 10-K was officially submitted to the SEC.

Year-Over-Year Comparison

This is the initial 10-K filing for the fiscal year ending February 3, 2024, providing the latest annual financial and operational data for Gap Inc.

Key Financial Figures

• $0.05 — ange on which registered Common Stock, $0.05 par value GPS The New York Stock Exchan

Filing Documents

• gps-20240203.htm (10-K) — 1796KB
• fy202310-kexhibit44.htm (EX-4.4) — 30KB
• fy2023ex1060xcbofferletter.htm (EX-10.60) — 50KB
• fy2023ex1066xcbmakexwholer.htm (EX-10.66) — 108KB
• fy2023ex1067xcbmakexwholep.htm (EX-10.67) — 105KB
• fy202310-kexhibit21.htm (EX-21) — 27KB
• fy202310-kexhibit23.htm (EX-23) — 3KB
• fy202310-kexhibit311.htm (EX-31.1) — 9KB
• fy202310-kexhibit312.htm (EX-31.2) — 9KB
• fy202310-kexhibit321.htm (EX-32.1) — 5KB
• fy202310-kexhibit322.htm (EX-32.2) — 4KB
• fy2023ex97xexecutivecompen.htm (EX-97) — 32KB
• gps-20240203_g1.jpg (GRAPHIC) — 118KB
• image_1.jpg (GRAPHIC) — 68KB
• 0000039911-24-000066.txt (&nbsp;) — 11583KB
• gps-20240203.xsd (EX-101.SCH) — 88KB
• gps-20240203_cal.xml (EX-101.CAL) — 81KB
• gps-20240203_def.xml (EX-101.DEF) — 490KB
• gps-20240203_lab.xml (EX-101.LAB) — 969KB
• gps-20240203_pre.xml (EX-101.PRE) — 747KB
• gps-20240203_htm.xml (XML) — 1564KB

Risk Factors

Item 1A. Risk Factors 9

Unresolved Staff Comments

Item 1B. Unresolved Staff Comments 20 Item 1C. C ybersecuri ty 21

Properties

Item 2. Properties 22

Legal Proceedings

Item 3. Legal Proceedings 22

Mine Safety Disclosures

Item 4. Mine Safety Disclosures 22 PART II

Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities

Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 23

[Reserved]

Item 6. [Reserved] 24

Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations 25

Quantitative and Qualitative Disclosures About Market Risk

Item 7A. Quantitative and Qualitative Disclosures About Market Risk 35

Financial Statements and Supplementary Data

Item 8. Financial Statements and Supplementary Data 37

Changes in and Disagreements With Accountants on Accounting and Financial Disclosure

Item 9. Changes in and Disagreements With Accountants on Accounting and Financial Disclosure 74

Controls and Procedures

Item 9A. Controls and Procedures 74

Other Information

Item 9B. Other Information 74

Disclosure Regarding Foreign Jurisdictions that Prevent Inspections

Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 74 PART III

Directors, Executive Officers and Corporate Governance

Item 10. Directors, Executive Officers and Corporate Governance 75

Executive Compensation

Item 11. Executive Compensation 75

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 75

Certain Relationships and Related Transactions, and Director Independence

Item 13. Certain Relationships and Related Transactions, and Director Independence 75

Principal Accounting Fees and Services

Item 14. Principal Accounting Fees and Services 75 PART IV

Exhibits, Financial Statement Schedules

Item 15. Exhibits, Financial Statement Schedules 76

Form 10-K Summary

Item 16. Form 10-K Summary 80 Part I

Business

Item 1. Business. General The Gap, Inc. (Gap Inc., the "Company," "we," and "our") is a collection of lifestyle brands offering apparel, accessories, and personal care products for women, men, and children under the Old Navy, Gap, Banana Republic, and Athleta brands. Gap Inc. is an omni-channel retailer, with sales to customers both in stores and online, through Company-operated and franchise stores, Company-owned websites, and third-party arrangements. As of February 3, 2024, we had Company-operated stores in the United States, Canada, Japan, and Taiwan. In fiscal 2022, we signed agreements with a third party, Baozun Inc. ("Baozun"), to operate Gap China and Gap Taiwan ("Gap Greater China") stores and the in-market website as a franchise partner. On January 31, 2023, the Gap China transaction closed with Baozun. The Gap Taiwan operations will continue to operate as usual until regulatory approvals and closing conditions are met. We have franchise agreements to operate Old Navy, Gap, Banana Republic, and Athleta throughout Asia, Europe, Latin America, the Middle East, and Africa. Under these agreements, third parties operate, or will operate, stores and websites that sell apparel and related products under our brand names. We also have licensing agreements with licensees to sell products using our brand names. In addition to operating in the specialty, outlet, online, and franchise channels, we use our omni-channel capabilities to bridge the digital world and physical stores to further enhance the shopping experience for our customers. Our omni-channel services, including buy online pick-up in store, order-in-store, find-in-store, and ship-from-store, as well as enhanced mobile-enabled experiences, are tailored uniquely across our collection of brands. Old Navy. Old Navy is a North American value apparel brand that makes on-trend fashion accessible to everyone. The brand democratizes style through its combination of on-trend product, consistent quality, and af

View Full Filing

View this 10-K filing on SEC EDGAR