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2005 Annual Report

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2005 Annual Report GAP Inc. 2005 Annual Report Two Folsom Street San Francisco, CA 94105 gapinc.com 2005 annual report The fi nancial section Shareholder Communications of this Annual table of contents Report is printed on New Leaf West Annual Report on Form 10-K Coast Opaque Text A copy of our Annual Report to the Securities and Exchange Commission (Form 10-K) which is manufac- Letter From the Chairman 1 tured from 100% “FSC Certifi ed” for our most recent fi scal year will be available to shareholders without charge (except post-consumer-waste (PCW) de- Letter to Shareholders 2 rived fi ber. The Forest Stewardship exhibits which are available for a nominal charge) by March 29, 2006, by visiting our Gap 6 Council promotes environmentally Web site at gapinc.com, by calling 800-GAP-NEWS, or by making a written request to appropriate, socially benefi cial and Banana Republic 7 economically viable management Investor Relations at our corporate offi ces. Old Navy 8 of the world’s forests. FSC “Chain of Custody” certifi cates for the Forth & Towne 9 paper mill, merchant and printer Investor Relations Hotline are as follows: Grays Harbor Paper, Gap Inc. Direct 10 Our Investor Relations Hotline provides recorded highlights from the most recent SW-COC-1557, New Leaf Paper, Social Responsibility 11 SCS-COC-00565, and Anderson quarter and month. The toll-free line is accessible from within the U.S. at 800-GAP-NEWS. Lithograph, SCS-COC-00533. Financial Highlights 12 International callers can access the Hotline by dialing 706-634-4421. Key Financial Statistics 13 Gap Inc. Financials 14 Web Sites www.gapinc.com offers information about Gap Inc., including online versions of our Annual Report, Securities and Exchange Commission reports, quarterly earnings results and monthly sales reports. You can also read about employment opportunities, our ethical sourcing efforts, corporate governance matters and our environmental and community relation programs. Product information is available through our brand Web sites at gap.com, bananarepublic.com and oldnavy.com. letter from the chairman Fiscal 2005 was a year of progress perspective and as the governing body of this com- as well as challenges. pany. We are a diverse group with experience that spans disciplines, industries and geographies. Even During a year where we had disappointing top line with such varied experiences, I believe the Board results, we still delivered solid earnings and focused works well together—and is asking the tough ques- Robert J. Fisher on creating value for our shareholders by repurchas- tions necessary to challenge and guide management Chairman ing 99 million shares for $2 billion and doubling our in the best interest of our shareholders. dividend. We continued to improve our fi nancial strength and ended the year with $3 billion of cash In 2005, the Board maintained its commitment to and investments. And we made notable progress continually evolve and adopt appropriate governance against our longer term growth initiatives, including best practices. For example, we adopted a majority the launch of Forth & Towne and the development vote guideline for director elections—and we of an entirely new e-commerce platform. continued our proactive approach to be transparent in compensation disclosure. In addition to providing a We fully recognize, however, that our long-term director compensation table, we are including a CEO success depends on growing our top line. Gap Inc.’s tally sheet in this years’ proxy statement. We have Board of Directors is highly also approved an improved pay-for-performance bo- aligned in the priority of nus structure for executives across the organization. Gap Inc.’s heritage is based on supporting management to improve the business and I’d like to personally thank the Board for its ongoing connecting with people through generate revenue growth contributions and commitment. More detail on Gap over time. Inc.’s Board of Directors is available on page 62. great style and experiences—and Under the leadership of My experience at Gap Inc. now spans more than by making cultural connections Paul Pressler, Gap Inc. has two decades and I’ve seen many ups and downs in built a strong foundation. the business. Clearly, it is more rewarding for our along the way. We are a more disciplined shareholders when the product offering is resonat- and well-managed company ing with customers. The Board and I feel strongly today and the Board remains that Gap Inc. has the leadership, talent, systems confi dent that this foundation is a competitive and fi nancial strength to return to our position as a advantage as we work to re-connect with customers leader in providing customers with the product and across each of our brands. experience they expect from our brands. This will be the key to re-establishing top line growth and driving I am pleased with the progress the Board has long-term shareholder value. made over the past year—bothyear—both from a governance gap inc. 2005 annual report 1 letter to shareholders None of us is satisfi ed with our overall 2005 We strengthened our balance sheet, eliminating business performance—we know we can do better. $2.9 billion in debt since 2002 and ending 2005 with Building on our foundation of iconic brands, strong $3 billion in cash and investments. We improved balance sheet, solid operations and talented people, our operations by developing stronger relationships we are aggressively taking actions to win back the with sourcing vendors; building a consumer insights customers we’ve disappointed. capability; optimizing our store fl eets; and incorporat- ing more disciplined inventory management. Despite disappointing top line results, we have continued to focus on creating value for our share- In 2005, we continued to build on these operational holders. In 2005, we generated nearly $1 billion in improvements, reducing our sourcing vendor base free cash fl ow,* enabling us to complete a $2 billion by 10 percent; creating a new customer experience share repurchase program and double our dividend survey for all brands; closing more than 100 under- to 18 cents per share. Refl ecting our ongoing con- performing Gap stores; and allocating Gap and Old fi dence in generating strong cash fl ow, we plan to Navy’s product sizes based on each store’s unique continue our share repurchase program and increase selling history. our dividend to 32 cents per share in 2006. Paul S. Pressler President and Chief Executive Offi cer Building a strong platform for growth Just fi ve years ago, Gap Inc. faced one of the most challenging periods in its history. Over the past three years, I’m proud that we have set the company on a course for sustainable, long-term health. *See the reconciliation of free cash fl ow, a non-GAAP fi nancial measure, to a GAAP measure in the table on page 13. 2 gap inc. 2005 annual report Most notably, this past year we built completely dependable fi ts and great style. We look forward to new online systems, resulting in what The New York bringing Forth & Towne to four to fi ve additional U.S. Times reported are among the best e-commerce markets in 2006. sites in retail. And we continue to receive feedback from customers that these changes have signifi cantly While we are proud of these accomplishments, we improved their online shopping experience. were disappointed with our 2 percent decline in net sales and 5 percent decline in comparable store sales These operational improvements have built a strong in 2005. Refl ecting on the past several quarters, as foundation for our long-term growth strategies. we made necessary shifts to ensure the company’s And in 2005, we made great progress on key growth long-term success, at times this created short-term initiatives. distractions for our teams. Today our teams under- stand that, most importantly, we must offer inspiring First, Gap Inc.’s square footage increased 3 percent product. in 2005, driven by store growth at Old Navy. We will continue to open new Old Navy stores in 2006. Reconnecting with our customers Our iconic brands continue to be our greatest assets. Second, we expanded our brands internationally, Women’s Wear Daily named Old Navy and Gap the opening an additional 13 Gap stores and introducing most recognizable brands in sportswear in 2005. Banana Republic in Japan. To help us become more We’ve built a tremendous loyalty with our customers, relevant to customers in each market, we built local which has helped us weather the ups and downs merchandising and marketing teams, as well as a inherent in the fashion industry. To win back the dedicated international design team. We also customers we’ve disappointed, we will deliver developed an international franchising capability, great product, supported by effective marketing and allowing our brands to enter smaller, more fragmented compelling store experiences. markets. Our fi rst agreements include planned expan- sion to Singapore and Malaysia beginning in 2006. Gap is focused on re-establishing the brand’s iconic positioning. Our product design is true to Gap’s Finally, we successfully launched our fourth brand, heritage and will help us regain our authority in key Forth & Towne, in Chicago and New York, fi lling a categories. We developed a new store design to need in the marketplace to better serve boomer improve the customer experience, and began rolling women. We’ve received consistent feedback from it out across the fl eet. customers thanking us for the exceptional service, LETTER TO SHAREHOLDERS gap inc. 2005 annual report 3 And, most importantly, we put strong leaders in place to drive Gap’s turnaround. In 2006, the team is focused on creating quality product faster, upgrading the environment of our top 200 adult stores, and developing inventive marketing to create buzz that Gap is back.
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