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Gap Inc. (GAP-20.38%) has submitted its 10-K filing for the fiscal year ended February 1, 2025.
The filing reports net sales of $15.1 billion, a 1% increase from the previous fiscal year. This growth was driven by improved comparable sales in Old Navy Global and Gap Global.
Operating income for the year was $1.1 billion, compared to $560 million in the prior year. The effective tax rate was 25.8%, up from 9.7% in the previous year.
Net income for the fiscal year was $844 million, an increase from $502 million in the previous year. Diluted earnings per share rose to $2.20 from $1.34.
Merchandise inventory increased by 4% compared to the previous year, attributed to the timing of receipts.
Gap Inc. ended the fiscal year with 2,506 company-operated stores and 1,063 franchise store locations. The company continues to focus on optimizing its store fleet and enhancing omni-channel capabilities.
Cash and cash equivalents at the end of the fiscal year were $2.3 billion, with a working capital of $1.9 billion. The company also maintained a $2.2 billion borrowing capacity under its revolving credit facility.
Gap Inc. continues to focus on strategic priorities such as financial and operational rigor, brand reinvigoration, and digital-first initiatives to drive growth and efficiency.
The filing outlines various risks, including global economic conditions, competition, and supply chain disruptions, which could impact future performance.
Gap Inc. emphasizes its commitment to integrating social and environmental sustainability into its business practices to support long-term growth.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Gap Inc. annual 10-K report dated March 18, 2025. To report an error, please email earnings@qz.com.