GAP集团（GPS）2025年年度报告「NYSE」（英文版）（102页）.pdf

1、The Next Generation of Our Rotational Management ProgramAnnual Report 2025Gap officially returned to Chestnut Street in San Franciscos Marina District in November,2025.“Were incredibly proud of our performance which reflects the financial and operational rigor embedded across the company,a stronger

2、core apparel business,a more powerful platform,and an energized culture.”Richard Dickson PRESIDENT&CEO,GAP INC.Dear Shareholders,Fiscal 2025(FY25)was another year where Gap Inc.performed while we transformed.Despite a dynamic global marketplace,as one team and one company,we did what we said we were

3、 going to do meeting our expectations,and achieving comparable sales growth for the second year in a row.In FY25,net sales grew 2%,driven by comparable sales of 3%and we marked our eighth consecutive quarter of positive comps and second consecutive year of top-line growth.Beyond that,Gap Inc.achieve

4、d one of our highest gross margins in the past 25 years,generated$1.1 billion in full-year operating income,and ended the year with$3 billion in cash balances our highest cash balances in nearly two decades.Were incredibly proud of our perfor-mance which reflects the financial and operational rigor

5、embedded across the company,a stronger core apparel business,a more powerful platform,and an energized culture.Across the portfolio,our playbook continues to drive relevance and revenue.OLD NAVY delivered a 3%comp in FY25,its second consecutive year of positive comparable sales,reasserting itself as

6、 the#1 specialty apparel brand in the U.S.1 Focused leadership in active,denim,and kids and baby,combined with sharper storytelling and a more effective media mix are working.GAP delivered a 6%comp in FY25,its third consecutive year of positive comparable sales.The brand is reignited,continuously br