Gap — Mar 6, 2025 release

• Repurchased 3 million shares for approximately $75 million during the fourth quarter and ended fiscal year 2024 with 374 million shares outstanding. • Distributed $300 million of cash to shareholders in the form of dividends and share repurchases in fiscal year 2024. • Board of Directors approved a first quarter fiscal year 2025 dividend of $0.165 per share, representing a 10% increase compared to the fourth quarter fiscal year 2024 dividend per share. Please see the reconciliations of adjusted operating expense and free cash flow, which are non-GAAP financial measures, in the tables at the end of this press release. Fourth Quarter and Full Year Fiscal 2024 - Global Brand Results Comparable Sales Fourth Quarter Fiscal Year 2024 2023 2024 2023 Old Navy 3  % 2  % 3  % (1) % Gap 7  % 4  % 4  % 1  % Banana Republic 4  % (4) % 1  % (7) % Athleta (2) % (10) % 0  % (12) % Gap Inc. 3  % 0  % 3  % (2) % Old Navy: • Fourth quarter net sales of $2.2 billion were down 3% compared to last year. Comparable sales were up 3%. The brand continues to win in key categories, like active and denim, with innovation and newness driving strength and market share gains. • Full year net sales of $8.4 billion were up 2% versus last year. Comparable sales were up 3%. Gap: • Fourth quarter net sales of $980 million were down 3% compared to last year. Comparable sales were up 7%. Gap is executing the brand reinvigoration playbook with excellence, driving increased relevance and revenue. • Full year net sales of $3.3 billion were flat versus last year. Comparable