The GAP reported that net cash used for its investing activities totaled $ 510 million, down 43% year-on-year.
For women as well as men and children, the company is a collection of purpose-oriented lifestyle brands offering clothing, accessories, and personal care products.
With brands like Old Navy, Gap, Banana Republic, Intermix, Janie and Athleta, The GAP offers a variety of products.
In January 2021, the company closed its Hill City brand.
In addition, The GAP is an omnichannel retailer, with sales to customers both in stores and online, through company-operated and franchised stores, company-owned websites, and third-party agreements.
The GAP has company-operated stores in the United States, Canada, United Kingdom, France, Ireland, Japan, Italy, China, Taiwan and Mexico.
The company also has franchise agreements with unaffiliated franchisees to operate the Gap, Banana Republic, Old Navy and Athleta stores in Asia, Europe, Latin America, the Middle East and Africa.
Under these agreements, third parties operate or will operate stores and websites that sell clothing and products related to their brands.
In addition to operating across specialty, outlet, online and franchise channels, The GAP uses its omnichannel capabilities to bridge the digital world and physical stores to further enhance the shopping experience for its customers.
In October 2020, the company unveiled its Power Plan 2023 strategy, which reflects long-term plans to grow and strengthen.
The GAP will grow its purpose-driven lifestyle brands by leveraging its omni-directional platform and scaled operations, extending the reach of clients across all ages, bodies, and occasions through the power of portfolio, and applying its approach to engineering at cost and growth.
Key initiatives include the growth of Old Navy and Athleta, the repositioning and transformation of Gap and Banana Republic, the growth of their online business, expansion into new categories, cost transformation through redesigned capabilities, and scaled strategic partnerships to expand your reach.
Net cash used for investing activities during fiscal 2020 decreased $ 384 million compared to fiscal 2019, primarily due to the following:
- 310 million fewer purchases of property and equipment during fiscal 2020 compared to fiscal 2019.
- An increase of 123 million due to net activity related to the purchase and sale of buildings during fiscal year 2019.
This was partially offset by:
- $ 120 million less net income from available-for-sale securities in fiscal 2020 compared to fiscal 2019.
In fiscal 2020, the cash used to purchase property and equipment was $ 392 million primarily related to information technology and supply chain to support its omni and digital strategies.