Gap — May 29, 2025 release

There is minimal impact expected to the second quarter fiscal 2025 gross margin outlook below. 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 re