Gap — May 29, 2025 release

Full Year Fiscal 2025   FY 2025 Outlook FY 2024 Results Net sales 1% to 2% growth $15.1 billion Operating income 8% to 10% growth 1 $1.1 billion Net interest income Approximately $15 million $25 million Effective tax rate Approximately 26% 26% Capital expenditures Approximately $600 million $447 million Net store closures 2 Approximately 35 56 1 Represents expected full year fiscal 2025 underlying operating income growth which excludes an estimated $100 million to $150 million of potential net impact resulting from current tariffs as noted above. 2 Refers to company-operated stores. Second Quarter Fiscal 2025 Second Quarter Fiscal 2025 Outlook Net sales Approximately flat year-over-year Gross margin Similar to Q1'25 gross margin Operating expense (% of net sales) Leverage slightly year-over-year Webcast and Conference Call Information Whitney Notaro, Head of Investor Relations at Gap Inc., will host a conference call to review the company’s first quarter fiscal 2025 results beginning at approximately 2:00 p.m. Pacific Time today. Ms. Notaro will be joined by President and Chief Executive Officer, Richard Dickson and Chief Financial Officer, Katrina O’Connell. A live webcast of the conference call and accompanying materials will be available online at investors.gapinc.com. A replay of the webcast will be available at the same location. Non-GAAP Disclosure This press release and related conference call include financial measures that have not been calculated in accordance with U.S. generally accepted accounting princip