The Gap, Inc. (GAP) 10-Q 8 Dec 09 2010 Q3 Quarterly report Financial data

Statement Of Financial Position

Statement Of Financial Position Classified (USD $)
In Millions	9 Months Ended Oct. 31, 2009	9 Months Ended Jan. 31, 2009	9 Months Ended Nov. 01, 2008
Current assets:
Cash and cash equivalents	$2,173	$1,715	$1,480
Short-term investments	225	0	75
Restricted cash	21	41	38
Merchandise inventory	1,999	1,506	2,224
Other current assets	636	743	740
Total current assets	5,054	4,005	4,557
Property and equipment, net of accumulated depreciation of $4,733, $4,312, and $4,288	2,717	2,933	3,016
Other long-term assets	659	626	613
Total assets	8,430	7,564	8,186
Current liabilities:
Current maturities of long-term debt	0	50	188
Accounts payable	1,418	975	1,578
Accrued expenses and other current liabilities	1,050	1,076	1,052
Income taxes payable	6	57	25
Total current liabilities	2,474	2,158	2,843
Lease incentives and other long-term liabilities	975	1,019	1,018
Commitments and contingencies (see Note 10)	-	-	-
Stockholders' equity:
Common stock $0.05 par value Authorized 2,300 shares; Issued 1,106, 1,105, and 1,105 shares; Outstanding 695, 694, and 706 shares	55	55	55
Additional paid-in capital	2,922	2,895	2,884
Retained earnings	10,519	9,947	9,765
Accumulated other comprehensive income	153	123	116
Treasury stock, at cost (411, 411, and 399 shares)	(8,668)	(8,633)	(8,495)
Total stockholders' equity	4,981	4,387	4,325
Total liabilities and stockholders' equity	$8,430	$7,564	$8,186

1_Statement Of Financial Positi

Statement Of Financial Position Classified (Parenthetical) (USD $)
In Millions, except Per Share data	Oct. 31, 2009	Jan. 31, 2009	Nov. 01, 2008
Property and equipment, accumulated depreciation	$4,733	$4,312	$4,288
Common stock, par value	0.05	0.05	0.05
Common stock, Authorized	2,300	2,300	2,300
Common stock, Issued	1,106	1,105	1,105
Common stock, Outstanding	695	694	706
Treasury stock, shares	411	411	399

Statement Of Income

Statement Of Income (USD $)
In Millions, except Per Share data	3 Months Ended Oct. 31, 2009	3 Months Ended Nov. 01, 2008	9 Months Ended Oct. 31, 2009	9 Months Ended Nov. 01, 2008
Net sales	$3,589	$3,561	$9,961	$10,444
Cost of goods sold and occupancy expenses	2,065	2,183	5,910	6,386
Gross profit	1,524	1,378	4,051	4,058
Operating expenses	1,024	984	2,823	2,908
Operating income	500	394	1,228	1,150
Interest expense (reversal)	1	5	4	(1)
Interest income	(1)	(9)	(5)	(32)
Income before income taxes	500	398	1,229	1,183
Income taxes	193	152	479	459
Net income	$307	$246	$750	$724
Weighted-average number of shares - basic	698	709	697	720
Weighted-average number of shares - diluted	704	712	701	723
Earnings per share - basic	0.44	0.35	1.08	1.01
Earnings per share - diluted	0.44	0.35	1.07	$1
Cash dividends declared and paid per share	0.085	0.085	0.255	0.255

Statement Of Cash Flows Indirec

Statement Of Cash Flows Indirect (USD $)
In Millions	9 Months Ended Oct. 31, 2009	9 Months Ended Nov. 01, 2008
Cash flows from operating activities:
Net income	$750	$724
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	491	486
Amortization of lease incentives	(60)	(64)
Share-based compensation	48	42
Tax benefit from exercise of stock options and vesting of stock units	(5)	5
Excess tax benefit from exercise of stock options and vesting of stock units	(3)	(6)
Non-cash and other items	(61)	44
Deferred income taxes	1	22
Changes in operating assets and liabilities:
Merchandise inventory	(478)	(667)
Other current assets and other long-term assets	116	(55)
Accounts payable	419	594
Accrued expenses and other current liabilities	(66)	(238)
Income taxes payable, net of prepaid and other tax-related items	(3)	(81)
Lease incentives and other long-term liabilities	3	28
Net cash provided by operating activities	1,152	834
Cash flows from investing activities:
Purchases of property and equipment	(221)	(315)
Purchases of short-term investments	(250)	(75)
Maturities of short-term investments	25	177
Acquisition of business, net of cash acquired	0	(141)
Change in restricted cash	19	1
Net cash used for investing activities	(427)	(353)
Cash flows from financing activities:
Payment of long-term debt	(50)	0
Proceeds from share-based compensation, net of withholding tax payments	47	69
Repurchases of common stock	(106)	(593)
Excess tax benefit from exercise of stock options and vesting of stock units	3	6
Cash dividends paid	(178)	(183)
Net cash used for financing activities	(284)	(701)
Effect of foreign exchange rate fluctuations on cash	17	(24)
Net increase (decrease) in cash and cash equivalents	458	(244)
Cash and cash equivalents at beginning of period	1,715	1,724
Cash and cash equivalents at end of period	2,173	1,480
Supplemental disclosure of cash flow information:
Cash paid for interest during the period	2	10
Cash paid for income taxes during the period	$492	$557

Note 1. Basis of Presentation

Note 1. Basis of Presentation
	9 Months Ended Oct. 31, 2009 USD / shares
Notes to Financial Statements [Abstract]
Note 1. Basis of Presentation	Note 1. Basis of Presentation The Condensed Consolidated Balance Sheets as of October31, 2009 and November1, 2008, the Condensed Consolidated Statements of Income for the thirteen and thirty-nine weeks ended October31, 2009 and November1, 2008, and the Condensed Consolidated Statements of Cash Flows for the thirty-nine weeks ended October31, 2009 and November1, 2008 have been prepared by The Gap, Inc. (the Company, we, and our), without audit. 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 at October31, 2009 and November1, 2008, and for all periods presented. We evaluated events occurring after October31, 2009 through December8, 2009, the date the financial statements were issued. The Condensed Consolidated Balance Sheet as of January31, 2009 has been derived from our audited financial statements. We identify our operating segments based on the way we manage and evaluate our business activities. Beginning in the fourth quarter of fiscal 2008, we have two reportable segments: Stores and Direct. 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 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 January31, 2009. The results of operations for the thirteen and thirty-nine weeks ended October31, 2009 are not necessarily indicative of the operating results that may be expected for the fifty-two week period ending January30, 2010.

Note 2. Goodwill and Intangible

Note 2. Goodwill and Intangible Assets
	9 Months Ended Oct. 31, 2009 USD / shares
Notes to Financial Statements [Abstract]
Note 2. Goodwill and Intangible Assets	Note 2. Goodwill and Intangible Assets Goodwill and intangible assets consist of the following and are included in other long-term assets: ($ in millions) October31, 2009 January31, 2009 November1, 2008 Goodwill $ 99 $ 99 $ 99 Trade name $ 54 $ 54 $ 54 Intangible assets subject to amortization $ 15 $ 15 $ 15 Accumulated amortization (7 ) (2 ) Intangible assets subject to amortization, net $ 8 $ 13 $ 15 All of the assets above have been allocated to the Direct reportable segment. During the thirteen and thirty-nine weeks ended October31, 2009, there were no changes in the carrying amount of goodwill or trade name. Intangible assets subject to amortization, consisting primarily of customer relationships, are being amortized over a weighted-average amortization period of four years. Amortization expense associated with intangible assets subject to amortization is recorded in operating expenses in our Condensed Consolidated Statements of Income. For the thirteen and thirty-nine weeks ended October31, 2009, amortization expense for intangible assets subject to amortization was $1 million and $5 million, respectively. For the remainder of fiscal 2009, we expect amortization expense for intangible assets subject to amortization to be $1 million. As of October31, 2009, future amortization expense associated with intangible assets subject to amortization for each of the five succeeding fiscal years is as follows: ($ in millions) Fiscal Year 2010 $ 4 2011 $ 2 2012 $ 1 2013 $ 2014 $

Note 3. Fair Value Measurements

Note 3. Fair Value Measurements
	9 Months Ended Oct. 31, 2009 USD / shares
Notes to Financial Statements [Abstract]
Note 3. Fair Value Measurements	Note 3. Fair Value Measurements Financial Assets and Liabilities Financial assets and liabilities measured at fair value on a recurring basis are as follows: October31,2009 Fair Value Measurements at Reporting Date Using ($ in millions) QuotedPricesin Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs(Level2) Significant Unobservable Inputs (Level 3) Assets: Derivative financial instruments $ 7 $ $ 7 $ Deferred compensation plan assets 24 24 Total $ 31 $ 24 $ 7 $ Liabilities: Derivative financial instruments $ 41 $ $ 41 $ January31,2009 Fair Value Measurements at Reporting Date Using ($ in millions) Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Assets: Derivative financial instruments $ 87 $ $ 87 $ Deferred compensation plan assets 18 18 Total $ 105 $ 18 $ 87 $ Liabilities: Derivative financial instruments $ 52 $ $ 52 $ November1,2008 Fair Value Measurements at Reporting Date Using ($ in millions) Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Assets: Derivative financial instruments $ 72 $ $ 72 $ Deferred compensation plan assets 22 22 Total $ 94 $ 22 $ 72 $ Liabilities: Derivative financial instruments $ 30 $ $ 30 $ Derivative financial instruments primarily include foreign exchange forward contracts, which mainly hedge U.S. dollar, Euro, British pound, Japanese yen, and Canadian dollar exposures. The fair value of the Companys derivative financial instruments is determined using pricing models based on current market rates. Derivative financial instruments in an asset position are included in other current assets or other long-term assets in the Condensed Consolidated Balance Sheets. Derivative financial instruments in a liability position are included in accrued expenses and other current liabilities or lease incentives and other long-term liabilities in the Condensed Consolidated Balance Sheets. We maintain deferred compensation plans which allow eligible employees and non-employee members of the Board of Directors to defer compensation up to a maximum amount. Plan investments are recorded at market value and are designated for the deferred compensation plans. The fair value of the Companys deferred compensation plan assets is determined based on quoted market prices, and the assets are included in other long-term assets in the Condensed Consolidated Balance S

Note 4. Derivative Financial In

Note 4. Derivative Financial Instruments
	9 Months Ended Oct. 31, 2009 USD / shares
Notes to Financial Statements [Abstract]
Note 4. Derivative Financial Instruments	Note 4. Derivative Financial Instruments Effective February1, 2009, we adopted enhanced disclosure requirements for our derivative financial instruments and hedging activities. We operate in foreign countries, which exposes us to market risk associated with foreign currency exchange rate fluctuations. Our risk management policy is to hedge a significant portion of forecasted merchandise purchases for foreign operations, forecasted intercompany royalty payments, and intercompany balances that bear foreign exchange risk using foreign exchange forward contracts. The principal currencies hedged are U.S. dollars, Euro, British pounds, Japanese yen, and Canadian dollars. Until March 2009, we also used a cross-currency interest rate swap to swap the interest and principal payable of the $50million debt of our Japanese subsidiary, Gap (Japan) KK. In connection with the maturity of the debt, the swap was settled in March 2009. We do not enter into derivative financial contracts for trading purposes. Our derivative financial instruments are recorded in the Condensed Consolidated Balance Sheets at fair value determined using pricing models based on current market rates. Cash flows from derivative financial instruments are classified as cash flows from operating activities in the Condensed Consolidated Statements of Cash Flows. Cash Flow Hedges We designate the following foreign exchange forward contracts as cash flow hedges: forward contracts used to hedge forecasted merchandise purchases denominated primarily in U.S. dollars made by our international subsidiaries whose functional currencies are their local currencies and forward contracts used to hedge forecasted intercompany royalty payments denominated in Japanese yen and Canadian dollars received by entities whose functional currencies are U.S. dollars. For derivative financial instruments that are designated and qualify as cash flow hedges, the effective portion of the gain or loss on the derivative financial instruments is reported as a component of other comprehensive income (OCI) and is recognized in income in the period which approximates the time the underlying transaction occurs. Gains and losses on the derivative financial instruments representing either hedge ineffectiveness or hedge components excluded from the assessment of effectiveness, if any, are recognized in current income. During the thirteen and thirty-nine weeks ended October31, 2009, there were no material amounts recorded as a result of hedge ineffectiveness, hedge components excluded from the assessment of effectiveness, or the discontinuance of cash flow hedges because the forecasted transactions were no longer probable. We make merchandise purchases on a monthly basis and enter into foreign exchange forward contracts to hedge forecasted merchandise purchases generally occurring in 12 to 18 months. We make intercompany royalty payments on a quarterly basis and we enter into foreign exchange forward contracts to hedge intercompany royalty payments generally occurring in 12 to 15 months. As of October31, 2009, we had foreign exchange forward contracts outstanding to buy the notional amount of $806 million and 25mi

Note 5. Share Repurchases

Note 5. Share Repurchases
	9 Months Ended Oct. 31, 2009 USD / shares
Notes to Financial Statements [Abstract]
Note 5. Share Repurchases	Note 5. Share Repurchases Share repurchases are as follows: 13 Weeks Ended 39 Weeks Ended ($ and shares in millions except average per share amounts) October31, 2009 November1, 2008 October31, 2009 November1, 2008 Number of shares repurchased 4.1 5.7 4.5 33.4 Total cost $ 91 $ 100 $ 96 $ 600 Average per share cost including commissions $ 22.42 $ 17.65 $ 21.44 $ 17.97 In February 2008, our Board of Directors authorized $1 billion for share repurchases, of which $841 million was utilized through October31, 2009. In connection with this authorization, we entered into purchase agreements with individual members of the Fisher family. We expect that approximately $147 million (approximately 15 percent) of the $1 billion share repurchase program will be purchased from the Fisher family members under these purchase agreements (related party transactions). The shares are purchased at the same weighted-average market price that we pay for share repurchases in the open market. During the thirteen and thirty-nine weeks ended October31, 2009, approximately 0.6million shares and 0.7million shares, respectively, were repurchased for $14 million and $15 million, respectively, from the Fisher family. During the thirteen and thirty-nine weeks ended November1, 2008, approximately 0.9million shares and 5.3million shares, respectively, were repurchased for $15 million and $94 million, respectively, from the Fisher family. All except $31 million of total share repurchases were paid for as of October31, 2009, of which $14 million was payable to Fisher family members. All of the share repurchases were paid for as of November1, 2008 except $7 million which was payable to Fisher family members. In November 2009, we announced that our Board of Directors authorized an additional $500 million share repurchase program, and we entered into new purchase agreements with individual members of the Fisher family. We expect that approximately $20 million (approximately 4 percent) of the $500 million share repurchase program will be purchased from the Fisher family members under these purchase agreements (related party transactions).

Note 6. Share-Based Compensatio

Note 6. Share-Based Compensation
	9 Months Ended Oct. 31, 2009 USD / shares
Notes to Financial Statements [Abstract]
Note 6. Share-Based Compensation	Note 6. Share-Based Compensation Share-based compensation expense recognized in the Condensed Consolidated Statements of Income, primarily in operating expenses, is as follows: 13 Weeks Ended 39 Weeks Ended ($ in millions) October31, 2009 November1, 2008 October31, 2009 November1, 2008 Stock units $ 18 $ 10 $ 38 $ 31 Stock options 4 1 7 8 Employee stock purchase plan 1 1 3 3 Share-based compensation expense 23 12 48 42 Less: Income tax benefit (9 ) (4 ) (19 ) (16 ) Share-based compensation expense, net of tax $ 14 $ 8 $ 29 $ 26

Note 7. Comprehensive Income

Note 7. Comprehensive Income
	9 Months Ended Oct. 31, 2009 USD / shares
Notes to Financial Statements [Abstract]
Note 7. Comprehensive Income	Note 7. Comprehensive Income Comprehensive income is comprised of net income and other gains and losses affecting equity that are excluded from net income. The components of other comprehensive income consist of foreign currency translation gains and losses and changes in the fair value of derivative financial instruments, net of tax. Comprehensive income, net of tax, is as follows: 13 Weeks Ended 39 Weeks Ended ($ in millions) October31, 2009 November1, 2008 October31, 2009 November1, 2008 Net income $ 307 $ 246 $ 750 $ 724 Foreign currency translation 26 (53 ) 66 (56 ) Change in fair value of derivative financial instruments, net of tax (tax benefit) of ($3), $10, ($14), and $18 (6 ) 16 (23 ) 22 Reclassification adjustment for realized losses (gains) on derivative financial instruments, net of tax (tax benefit) of ($2), ($6), $8, and ($15) 3 11 (13 ) 25 Comprehensive income, net of tax $ 330 $ 220 $ 780 $ 715

Note 8. Income Taxes

Note 8. Income Taxes
	9 Months Ended Oct. 31, 2009 USD / shares
Notes to Financial Statements [Abstract]
Note 8. Income Taxes	Note 8. Income Taxes The Company conducts business globally, and as a result, files income tax returns in the U.S. federal jurisdiction and various state and foreign jurisdictions. In the normal course of business, we are subject to examination by taxing authorities throughout the world, including such major jurisdictions as the United States, Canada, France, Hong Kong, Japan, and the United Kingdom. With few exceptions, we are no longer subject to U.S. federal, state, local, or non-U.S. income tax examinations for fiscal years before 1998. It is reasonably possible that unrecognized tax benefits will decrease by up to $19 million within the next 12 months as a result of filing amended returns, audit resolutions, and the closing of open tax years. However, we do not expect the change to have a material impact on the Condensed Consolidated Statements of Income. During the thirteen weeks ended October31, 2009, we assessed the anticipated cash needs and overall financial position of our Canadian subsidiaries. As a result, we determined we no longer intend to utilize approximately $46 million of the undistributed earnings of our Canadian subsidiaries in foreign operations indefinitely. Accordingly, we have established a deferred tax liability for U.S. income taxes with respect to such earnings as of October31, 2009 and have recorded a related tax expense. The amount of the tax expense was immaterial. Except as noted above and where required by U.S. tax law, no provision was made for U.S. income taxes on the undistributed earnings of the foreign subsidiaries, as we intend to utilize those earnings in the foreign operations for an indefinite period of time or repatriate such earnings only when tax-effective to do so. During the thirty-nine weeks ended November1, 2008, we recognized a reversal of $15 million of interest expense from the reduction of interest expense accruals resulting primarily from foreign tax audit events occurring in the period.

Note 9. Earnings Per Share

Note 9. Earnings Per Share
	9 Months Ended Oct. 31, 2009 USD / shares
Notes to Financial Statements [Abstract]
Note 9. Earnings Per Share	Note 9. Earnings Per Share Basic earnings per share are computed as net income divided by the weighted-average number of common shares outstanding for the period. Diluted earnings per share are computed as net income divided by the weighted-average number of common shares outstanding for the period plus common stock equivalents. Common stock equivalents consist of shares subject to share-based awards with exercise prices less than the average market price of our common stock for the period, to the extent their inclusion would be dilutive. Weighted-average number of shares are as follows: 13 Weeks Ended 39 Weeks Ended (shares in millions) October31, 2009 November1, 2008 October31, 2009 November1, 2008 Weighted-average number of shares - basic 698 709 697 720 Common stock equivalents 6 3 4 3 Weighted-average number of shares - diluted 704 712 701 723 The above computations of weighted-average number of shares - diluted exclude 16million and 30million shares related to share-based awards for the thirteen weeks ended October31, 2009 and November1, 2008, respectively, and 26million and 31million shares related to share-based awards for the thirty-nine weeks ended October31, 2009 and November1, 2008, respectively, as their inclusion would have an antidilutive effect on earnings per share.

Note 10. Commitments and Contin

Note 10. Commitments and Contingencies
	9 Months Ended Oct. 31, 2009 USD / shares
Notes to Financial Statements [Abstract]
Note 10. Commitments and Contingencies	Note 10. Commitments and Contingencies We have assigned certain store and corporate facility leases to third parties as of October31, 2009. Under these arrangements, we are secondarily liable and have guaranteed the lease payments of the new lessees for the remaining portion of our original lease obligations at various dates through 2019. The maximum potential amount of future lease payments we could be required to make is approximately $36 million as of October31, 2009. We recognize a liability for such guarantees when events or changes in circumstances indicate that the loss is probable and the amount of such loss can be reasonably estimated. The carrying amount of the liability related to the guarantees is $1 million as of October31, 2009. We are a party to a variety of contractual agreements under which we may be obligated to indemnify the other party for certain matters. These contracts primarily relate to our commercial contracts, operating leases, trademarks, intellectual property, financial agreements, and various other agreements. Under these contracts, we may provide certain routine indemnifications relating to representations and warranties (e.g., ownership of assets, environmental, or tax indemnifications), or personal injury matters. The terms of these indemnifications range in duration and may not be explicitly defined. Generally, the maximum obligation under such indemnifications is not explicitly stated, and as a result, the overall amount of these obligations cannot be reasonably estimated. Historically, we have not made significant payments for these indemnifications. We believe that if we were to incur a loss in any of these matters, the loss would not have a material effect on our financial condition or results of operations. As party to a reinsurance pool for workers compensation, general liability, and automobile liability, we have guarantees with a maximum exposure of $14 million as of October31, 2009, of which $0.2 million has been cash collateralized. We are currently in the process of winding down our participation in the reinsurance pool. Our maximum exposure and cash collateralized balance are expected to decrease in the future as our participation in the reinsurance pool diminishes. As a multinational company, we are subject to various proceedings, lawsuits, disputes, and claims (Actions) arising in the ordinary 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, data privacy, and securities related claims, including class action lawsuits in which plaintiffs allege that we violated federal and state wage and hour and other laws. The plaintiffs in some Actions seek unspecified damages or injunctive relief, or both. Actions are in various procedural stages, and some are covered in part by insurance. If the outcome of an Action is expected to result in a loss that is considered probable and reasonably estimable, we will record a liability for the estimated loss. We cannot predict with assurance the outcome of Actions brought against

Note 11. Segment Information

Note 11. Segment Information
	9 Months Ended Oct. 31, 2009 USD / shares
Notes to Financial Statements [Abstract]
Note 11. Segment Information	Note 11. Segment Information We identify our operating segments based on the way we manage and evaluate our business activities. All of our operating segments are in the business of selling clothing, accessories, and personal care products. Beginning in the fourth quarter of fiscal 2008, we have two reportable segments: Stores The Stores reportable segment includes the results of the retail stores for each of our brands: Gap, Old Navy, and Banana Republic. We have aggregated the results of all Stores operating segments into one reportable segment because we believe that these operating segments have similar economic characteristics. Direct The Direct reportable segment includes the results of the online business for each of our web-based brands: gap.com, oldnavy.com, bananarepublic.com, piperlime.com, and, beginning in September 2008, athleta.com. The Direct reportable segment also includes Athletas catalog business. Based on the different distribution method associated with the Direct reportable segment, Direct is considered a reportable segment. Net sales by brand, region, and reportable segment are as follows: ($ in millions) 13 Weeks Ended October31, 2009 Gap OldNavy Banana Republic Other(3) Total Percentage ofNetSales U.S.(1) $ 897 $ 1,240 $ 495 $ $ 2,632 73 % Canada 90 107 46 243 7 Europe 176 6 13 195 6 Asia 172 24 12 208 6 Other regions 13 13 Total Stores reportable segment 1,335 1,347 571 38 3,291 92 Direct reportable segment (2) 93 128 33 44 298 8 Total $ 1,428 $ 1,475 $ 604 $ 82 $ 3,589 100 % Sales Growth (Decline) (5 )% 8 % (4 )% 26 % 1 % ($ in millions) 13 Weeks Ended November1, 2008 Gap Old Navy Banana Republic Other (3) Total Percentage of Net Sales U.S.(1) $ 976 $ 1,136 $ 527 $ $ 2,639 74 % Canada 90 96 39 225 6 Europe 181 6 13 200 6 Asia 159 23 12 194 5 Other regions 19 19 1 Total Stores reportable segment 1,406 1,232 595 44 3,277 92 Direct reportable segment (2) 95 131 37 21 284 8 Total $ 1,501 $ 1,363 $ 632 $ 65 $ 3,561 100 % Sales Growth (Decline) (4 )% (15 )% (5 )% 91 % (8 )% ($ in millions) 39 Weeks Ended October31, 2009 Gap Old Navy Banana Republic Other (3) Total Percentage of Net Sales U.S.(1) $ 2,

Document Information

Document Information
	9 Months Ended Oct. 31, 2009 USD / shares
Document Information [Text Block]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	2009-10-31

Entity Information

Entity Information (USD $)
	9 Months Ended Oct. 31, 2009	Dec. 04, 2009
Entity [Text Block]
Trading Symbol	GPS
Entity Registrant Name	GAP INC
Entity Central Index Key	0000039911
Current Fiscal Year End Date	--01-31
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding		689,992,899