Gap — Nov 21, 2024 release

Year-to-date free cash flow , defined as net cash from operating activities less purchases of property and equipment, was $540 million. • Ending inventory of $2.33 billion was down 2% compared to last year. • Capital expenditures were $330 million. • Paid a third quarter dividend of $0.15 per share, totaling $57 million. The company’s Board of Directors approved a fourth quarter fiscal 2024 dividend of $0.15 per share. Additional information regarding free cash flow, which is a non-GAAP financial measure, is provided at the end of this press release along with a reconciliation of this measure from the most directly comparable GAAP financial measure for the applicable period. Third Quarter Fiscal 2024 – Global Brand Results Comparable Sales Third Quarter 2024 2023 Old Navy —  % 1  % Gap 3  % (1) % Banana Republic (1) % (8) % Athleta 5  % (19) % Gap Inc. 1  % (2) % Old Navy: • Third quarter net sales of $2.2 billion were up 1% compared to last year. Comparable sales were flat. The brand’s continued focus on operational rigor and brand reinvigoration drove solid performance in the quarter, despite lapping tougher compares and facing weather-related headwinds. Gap: • Third quarter net sales of $899 million were up 1% compared to last year. Comparable sales were up 3% representing the fourth consecutive quarter of positive comparable sales at the brand. Gap's strong product and marketing execution have helped drive continued momentum and consistent results at the brand. Banana Re