$GAP
GAP INC

2014 Q4 Form 10-Q Financial Statement

#000003991114000175 Filed on December 08, 2014

View on sec.gov

Income Statement

Concept 2014 Q4 2013 Q4
Revenue $3.972B $3.976B
YoY Change -0.1% 2.9%
Cost Of Revenue $2.376B $2.387B
YoY Change -0.46% 5.11%
Gross Profit $1.596B $1.589B
YoY Change 0.44% -0.25%
Gross Profit Margin 40.18% 39.96%
Selling, General & Admin
YoY Change
% of Gross Profit
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $141.0M $131.0M
YoY Change 7.63% -3.68%
% of Gross Profit 8.83% 8.24%
Operating Expenses $1.042B $1.013B
YoY Change 2.86% -5.59%
Operating Profit $554.0M $576.0M
YoY Change -3.82% 10.77%
Interest Expense $19.00M $21.00M
YoY Change -9.52% -4.55%
% of Operating Profit 3.43% 3.65%
Other Income/Expense, Net
YoY Change
Pretax Income $536.0M $556.0M
YoY Change -3.6% 11.42%
Income Tax $185.0M $219.0M
% Of Pretax Income 34.51% 39.39%
Net Earnings $351.0M $337.0M
YoY Change 4.15% 9.42%
Net Earnings / Revenue 8.84% 8.48%
Basic Earnings Per Share $0.81 $0.73
Diluted Earnings Per Share $0.80 $0.72
COMMON SHARES
Basic Shares Outstanding 432.0M shares 463.0M shares
Diluted Shares Outstanding 437.0M shares 468.0M shares

Balance Sheet

Concept 2014 Q4 2013 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $954.0M $996.0M
YoY Change -4.22% -43.73%
Cash & Equivalents $954.0M $996.0M
Short-Term Investments $0.00
Other Short-Term Assets $816.0M $923.0M
YoY Change -11.59% 16.25%
Inventory $2.553B $2.471B
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $4.323B $4.390B
YoY Change -1.53% -9.17%
LONG-TERM ASSETS
Property, Plant & Equipment $2.777B $2.714B
YoY Change 2.32% 6.06%
Goodwill $180.0M $177.0M
YoY Change 1.69% 78.79%
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $719.0M $682.0M
YoY Change 5.43% 10.89%
Total Long-Term Assets $3.496B $3.396B
YoY Change 2.94% 6.99%
TOTAL ASSETS
Total Short-Term Assets $4.323B $4.390B
Total Long-Term Assets $3.496B $3.396B
Total Assets $7.819B $7.786B
YoY Change 0.42% -2.76%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.477B $1.513B
YoY Change -2.38% -4.48%
Accrued Expenses $1.011B $1.064B
YoY Change -4.98% 2.21%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $22.00M $0.00
YoY Change
Total Short-Term Liabilities $2.522B $2.631B
YoY Change -4.14% 0.11%
LONG-TERM LIABILITIES
Long-Term Debt $1.358B $1.247B
YoY Change 8.9% 0.08%
Other Long-Term Liabilities $1.084B $952.0M
YoY Change 13.87% -2.06%
Total Long-Term Liabilities $2.442B $2.199B
YoY Change 11.05% -0.86%
TOTAL LIABILITIES
Total Short-Term Liabilities $2.522B $2.631B
Total Long-Term Liabilities $2.442B $2.199B
Total Liabilities $4.964B $4.830B
YoY Change 2.77% -0.33%
SHAREHOLDERS EQUITY
Retained Earnings $2.680B $14.00B
YoY Change -80.86% 7.97%
Common Stock $21.00M $55.00M
YoY Change -61.82% 0.0%
Preferred Stock
YoY Change
Treasury Stock (at cost) $0.00 $14.12B
YoY Change -100.0% 9.26%
Treasury Stock Shares 0.000 shares 657.0M shares
Shareholders Equity $2.855B $2.956B
YoY Change
Total Liabilities & Shareholders Equity $7.819B $7.786B
YoY Change 0.42% -2.76%

Cashflow Statement

Concept 2014 Q4 2013 Q4
OPERATING ACTIVITIES
Net Income $351.0M $337.0M
YoY Change 4.15% 9.42%
Depreciation, Depletion And Amortization $141.0M $131.0M
YoY Change 7.63% -3.68%
Cash From Operating Activities $118.0M $96.00M
YoY Change 22.92% -62.35%
INVESTING ACTIVITIES
Capital Expenditures -$180.0M -$172.0M
YoY Change 4.65% 13.16%
Acquisitions
YoY Change
Other Investing Activities $0.00 $2.000M
YoY Change -100.0% -89.47%
Cash From Investing Activities -$180.0M -$170.0M
YoY Change 5.88% 27.82%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -495.0M -858.0M
YoY Change -42.31% 94.12%
NET CHANGE
Cash From Operating Activities 118.0M 96.00M
Cash From Investing Activities -180.0M -170.0M
Cash From Financing Activities -495.0M -858.0M
Net Change In Cash -557.0M -932.0M
YoY Change -40.24% 191.25%
FREE CASH FLOW
Cash From Operating Activities $118.0M $96.00M
Capital Expenditures -$180.0M -$172.0M
Free Cash Flow $298.0M $268.0M
YoY Change 11.19% -34.15%

Facts In Submission

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<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-top:10px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Basis of Presentation</font></div><div style="line-height:120%;padding-top:5px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The Condensed Consolidated Balance Sheets as of </font><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">November&#160;1, 2014</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">November&#160;2, 2013</font><font style="font-family:inherit;font-size:10pt;">, the Condensed Consolidated Statements of Income and the Condensed Consolidated Statements of Comprehensive Income for the </font><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">thirteen and thirty-nine weeks ended</font><font style="font-family:inherit;font-size:10pt;"> </font><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">November&#160;1, 2014</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">November&#160;2, 2013</font><font style="font-family:inherit;font-size:10pt;">, and the Condensed Consolidated Statements of Cash Flows for the </font><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">thirty-nine weeks ended</font><font style="font-family:inherit;font-size:10pt;"> </font><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">November&#160;1, 2014</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">November&#160;2, 2013</font><font style="font-family:inherit;font-size:10pt;"> have been prepared by The Gap, Inc. (the &#8220;Company,&#8221; &#8220;we,&#8221; and &#8220;our&#8221;). In the opinion of management, such statements include all adjustments (which include only normal recurring adjustments) considered necessary to present fairly our financial position, results of operations, and cash flows as of </font><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">November&#160;1, 2014</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">November&#160;2, 2013</font><font style="font-family:inherit;font-size:10pt;"> and for all periods presented. The Condensed Consolidated Balance Sheet as of </font><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">February&#160;1, 2014</font><font style="font-family:inherit;font-size:10pt;"> has been derived from our audited financial statements.</font></div><div style="line-height:120%;padding-top:10px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The accompanying unaudited Condensed Consolidated Financial Statements have been prepared in accordance with the rules and regulations of the Securities and Exchange Commission. Accordingly, certain information and disclosures normally included in the notes to the annual financial statements prepared in accordance with accounting principles generally accepted in the United States of America (&#8220;GAAP&#8221;) have been omitted from these interim financial statements. We suggest that you read these Condensed Consolidated Financial Statements in conjunction with the Consolidated Financial Statements and notes thereto included in our Annual Report on Form 10-K for the fiscal year ended </font><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">February&#160;1, 2014</font><font style="font-family:inherit;font-size:10pt;">.</font></div><div style="line-height:120%;padding-top:10px;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The results of operations for the </font><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">thirteen and thirty-nine weeks ended</font><font style="font-family:inherit;font-size:10pt;"> </font><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">November&#160;1, 2014</font><font style="font-family:inherit;font-size:10pt;"> are not necessarily indicative of the operating results that may be expected for the 52-week period ending </font><font style="font-family:Times New Roman;font-size:10pt;color:#000000;text-decoration:none;">January&#160;31, 2015</font><font style="font-family:inherit;font-size:10pt;">.</font></div></div>
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1
gps Percentage Of Net Sales
PercentageOfNetSales
1
CY2014Q4 gps Percentage Of Net Sales
PercentageOfNetSales
1
CY2013Q4 gps Sales Increase Decrease Percentage
SalesIncreaseDecreasePercentage
0.03
gps Sales Increase Decrease Percentage
SalesIncreaseDecreasePercentage
0.06
gps Sales Increase Decrease Percentage
SalesIncreaseDecreasePercentage
0.01
CY2014Q4 gps Sales Increase Decrease Percentage
SalesIncreaseDecreasePercentage
0
CY2014Q1 gps Stock Repurchase Program Amount Not Paid
StockRepurchaseProgramAmountNotPaid
30000000 USD
CY2014Q4 gps Stock Repurchase Program Amount Not Paid
StockRepurchaseProgramAmountNotPaid
0 USD
CY2013Q4 gps Stock Repurchase Program Amount Not Paid
StockRepurchaseProgramAmountNotPaid
0 USD
gps Taxbenefitfromstockoptionsexercisedandvestingofstockunits
Taxbenefitfromstockoptionsexercisedandvestingofstockunits
54000000 USD
gps Taxbenefitfromstockoptionsexercisedandvestingofstockunits
Taxbenefitfromstockoptionsexercisedandvestingofstockunits
34000000 USD
dei Amendment Flag
AmendmentFlag
false
dei Current Fiscal Year End Date
CurrentFiscalYearEndDate
--01-31
dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
Q3
dei Document Fiscal Year Focus
DocumentFiscalYearFocus
2014
dei Document Period End Date
DocumentPeriodEndDate
2014-11-01
dei Document Type
DocumentType
10-Q
dei Entity Central Index Key
EntityCentralIndexKey
0000039911
CY2014Q4 dei Entity Common Stock Shares Outstanding
EntityCommonStockSharesOutstanding
423576007 shares
dei Entity Filer Category
EntityFilerCategory
Large Accelerated Filer
dei Entity Registrant Name
EntityRegistrantName
GAP INC
dei Trading Symbol
TradingSymbol
GPS
CY2014Q4 invest Derivative Notional Amount
DerivativeNotionalAmount
1615000000 USD
CY2014Q4 invest Derivative Notional Amount
DerivativeNotionalAmount
1000000
CY2013Q4 invest Derivative Notional Amount
DerivativeNotionalAmount
25000000
CY2014Q1 invest Derivative Notional Amount
DerivativeNotionalAmount
25000000
CY2013Q4 invest Derivative Notional Amount
DerivativeNotionalAmount
30000000000
CY2013Q4 invest Derivative Notional Amount
DerivativeNotionalAmount
8000000 CAD
CY2014Q4 invest Derivative Notional Amount
DerivativeNotionalAmount
14000000 CAD
CY2013Q4 invest Derivative Notional Amount
DerivativeNotionalAmount
1468000000 USD
CY2014Q1 invest Derivative Notional Amount
DerivativeNotionalAmount
0
CY2014Q1 invest Derivative Notional Amount
DerivativeNotionalAmount
8000000 CAD
CY2014Q4 invest Derivative Notional Amount
DerivativeNotionalAmount
0
CY2014Q1 invest Derivative Notional Amount
DerivativeNotionalAmount
1309000000 USD

Files In Submission

Name View Source Status
0000039911-14-000175-index-headers.html Edgar Link pending
0000039911-14-000175-index.html Edgar Link pending
0000039911-14-000175.txt Edgar Link pending
0000039911-14-000175-xbrl.zip Edgar Link pending
exhibit311q32014.htm Edgar Link pending
exhibit312q32014.htm Edgar Link pending
exhibit321q32014.htm Edgar Link pending
exhibit322q32014.htm Edgar Link pending
FilingSummary.xml Edgar Link unprocessable
Financial_Report.xls Edgar Link pending
Financial_Report.xlsx Edgar Link pending
gps-20141101.xml Edgar Link completed
gps-20141101.xsd Edgar Link pending
gps-20141101_cal.xml Edgar Link unprocessable
gps-20141101_def.xml Edgar Link unprocessable
gps-20141101_lab.xml Edgar Link unprocessable
gps-20141101_pre.xml Edgar Link unprocessable
q3201410-qdocument.htm Edgar Link pending
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report.css Edgar Link pending
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