| PROJECT - HORIZONTAL AND VERTICAL ANALYSIS |
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Horizontal |
Horizontal |
| Gap, Inc.-Consolidated Statements of Earnings |
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Vertical |
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Vertical |
Analysis |
Analysis |
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Analysis |
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Analysis |
$ Change |
% Change |
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2/2/2002 |
%-2001 |
2/3/2001 |
%-2000 |
2000-2001 |
2000-2001 |
| Net Sales |
$13,847,873 |
100.0% |
$13,673,460 |
100.0% |
(174,413) |
-1.3% |
| Costs and expenses |
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| Cost of goods sold and occupancy expenses |
9,704,389 |
70.1% |
8,599,442 |
62.9% |
(1,104,947) |
-12.8% |
| Operating expenses |
3,805,968 |
27.5% |
3,629,257 |
26.5% |
(176,711) |
-4.9% |
| Net interest expense (income) |
95,875 |
0.7% |
62,876 |
0.5% |
(32,999) |
-52.5% |
| Earnings before income taxes |
241,641 |
1.7% |
1,381,885 |
10.1% |
1,140,244 |
82.5% |
| Income taxes |
249,405 |
1.8% |
504,388 |
3.7% |
254,983 |
50.6% |
| Net earnings |
($7,764) |
-0.1% |
$877,497 |
6.4% |
885,261 |
100.9% |
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Horizontal |
Horizontal |
| Gap, Inc.-Consolidated Balance Sheets |
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Vertical |
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Vertical |
Analysis |
Analysis |
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Analysis |
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Analysis |
$ Change |
% Change |
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2/2/2002 |
%-2001 |
2/3/2001 |
%-2000 |
2000-2001 |
2000-2001 |
| ASSETS |
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| Current Assets |
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| Cash and equivalents |
$1,035,749 |
13.6% |
$408,794 |
5.8% |
(626,955) |
-153.4% |
| Merchandise inventory |
1,677,116 |
22.1% |
1,904,153 |
27.2% |
227,037 |
11.9% |
| Other current assets |
331,685 |
4.4% |
335,103 |
4.8% |
3,418 |
1.0% |
| Total current assets |
3,044,550 |
40.1% |
2,648,050 |
37.8% |
(396,500) |
-15.0% |
| Property and Equipment |
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| Leasehold improvements |
2,127,966 |
28.0% |
1,899,820 |
27.1% |
(228,146) |
-12.0% |
| Furniture and equipment |
3,327,819 |
43.8% |
2,826,863 |
40.3% |
(500,956) |
-17.7% |
| Land and buildings |
917,055 |
12.1% |
558,832 |
8.0% |
(358,223) |
-64.1% |
| Construction-in-progress |
246,691 |
3.2% |
615,722 |
8.8% |
369,031 |
59.9% |
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6,619,531 |
87.2% |
5,901,237 |
84.1% |
(718,294) |
-12.2% |
| Accumulated depreciation and amortization |
(2,458,241) |
-32.4% |
(1,893,552) |
-27.0% |
564,689 |
-29.8% |
| Property and equipment, net |
4,161,290 |
54.8% |
4,007,685 |
57.1% |
(153,605) |
-3.8% |
| Lease rights and other assets |
385,486 |
5.1% |
357,173 |
5.1% |
(28,313) |
-7.9% |
| Total assets |
$7,591,326 |
100.0% |
$7,012,908 |
100.0% |
(578,418) |
-8.2% |
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| LIABILITIES AND SHAREHOLDERS' EQUITY |
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| Current Liabilities |
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| Notes payable |
$41,889 |
0.6% |
$779,904 |
11.1% |
738,015 |
94.6% |
| Current maturities of long-term debt |
$0 |
0.0% |
$250,000 |
3.6% |
250,000 |
100.0% |
| Accounts payable |
1,105,117 |
14.6% |
1,067,207 |
15.2% |
(37,910) |
-3.6% |
| Accrued expenses and other current liabilities |
909,227 |
12.0% |
702,033 |
10.0% |
(207,194) |
-29.5% |
| Total current liabilities |
2,056,233 |
27.1% |
2,799,144 |
39.9% |
742,911 |
26.5% |
| Long-Term Liabilities |
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| Long-term debt |
1,961,397 |
25.8% |
780,246 |
11.1% |
(1,181,151) |
-151.4% |
| Deferred lease credits and other liabilities |
564,115 |
7.4% |
505,279 |
7.2% |
(58,836) |
-11.6% |
| Total long-term liabilities |
2,525,512 |
33.3% |
1,285,525 |
18.3% |
(1,239,987) |
-96.5% |
| Shareholders' Equity |
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| Common stock $.05 par value |
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| Authorized 2,300,000,000 shares; issued 939,222,871 |
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| and 1,007,356,790 shares; outstanding 853,996,984 |
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| and 850,498,941 shares |
47,430 |
0.6% |
46,961 |
0.7% |
(469) |
-1.0% |
| Additional paid-in capital |
461,408 |
6.1% |
294,967 |
4.2% |
(166,441) |
-56.4% |
| Retained earnings |
4,890,375 |
64.4% |
4,974,773 |
70.9% |
84,398 |
1.7% |
| Accumulated other comprehensive earnings |
(61,824) |
-0.8% |
(20,173) |
-0.3% |
41,651 |
-206.5% |
| Deferred compensation |
(7,245) |
-0.1% |
(12,162) |
-0.2% |
(4,917) |
40.4% |
| Treasury stock, at cost |
(2,320,563) |
-30.6% |
(2,356,127) |
-33.6% |
(35,564) |
1.5% |
| Total shareholders' equity |
3,009,581 |
39.6% |
2,928,239 |
41.8% |
(81,342) |
-2.8% |
| Total liabilities and shareholders' equity |
$7,591,326 |
100.0% |
$7,012,908 |
100.0% |
(578,418) |
-8.2% |
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