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Tampa Bay quarterback Baker Mayfield has mercessliy mocked his counterpart after scoring a touchdown. Watch an average of 3 games each week during the regular season, plus every game of the NFL Postseason including the Super Bowl, LIVE on ESPN with Kayo. New to Kayo? Start your free trial today > Mayfield ran for a touchdown with 13 seconds left in the second quarter to give his side a 23 point lead against the struggling New York Giants. To rub salt in the wounds, Mayfield taunted Giants quarterback Tommy Devito by replicating Devito’s famous Italian touchdown celebration, which involves putting a hand in the air while pinching the fingers together. Devito, who has an Italian background, debuted the hand gesture last season and it swept the NFL world. With Devito making his first appearance for the season following the Giants’ sensational release of former quarterback Daniel Jones, Mayfield took the opportunity to troll repeatedly as he ran back to the sideline following his 10-yard touchdown run. Antics like this aren’t surprising from Mayfield, who plays with a chip on his shoulder every week and has a severe case of white line fever. While Devito and the Giants showed something in the second half, the Buccaneers were able to keep control of the contest and run out 30-7 winners. The loss drops to 2-9 and puts them in prime position to end up with the No. 1 overall pick in next year’s NFL draft. The Detroit Lions are seemingly the consensus No. 1 team in the NFL, and they added further merit to that argument by notching up their 10th win of the season on Monday morning (AEDT) - the first team to reach that mark. CHAMPS GIVEN ALMIGHTY FRIGHT AS QB CONTINUES REDEMPTION TOUR Maybe Bryce Young isn’t so bad after all. The first pick in the 2023 NFL draft has endured a rocky couple of seasons since entering the league. He’s been benched multiple times and struggled mightily for an ordinary Carolina Panthers football team, who went 2-15 last season Young would be benched after just two games this season and his future looked bleak amid constant chatter that the Panthers would trade him. When the quarterback won his starting spot back last month, the Panthers were 1-7 with a bleak outlook. However, Young and the Panthers have fought back with vigour, winning two straight before pushing the Kansas City Chiefs until the final whistle. The Panthers trailed the Chiefs 27-19 in the final quarter on Monday morning, needing a touchdown and a two-point conversion to level things up. Young orchestrated a five play, 49 yard drive which ended in a Chuba Hubbard rushing touchdown. Hubbard than tied it up by punching in the two-point conversion. Unfortunately for Carolina and every single NFL fan who doesn’t support the all-conquering Chiefs, Patrick Mahomes did what he does and led his team into field goal range inside the final two minutes, with kicker Spencer Shrader winning the game with a 31-yard field goal as time expired. It was the Chiefs’ 10th win of the season, with that the best mark in the AFC. However, despite the loss, the story of the day was Young and the Panthers. NFL SCORES - WEEK 12 Kansas City Chiefs 30 @ Carolina Panthers 27 Dallas Cowboys 34 @ Washington Commanders 26 New England Patriots 15 @ Miami Dolphins 34 Tennessee Titans 32 @ Houston Texans 27 Detroit Lions 24 @ Indanapolis Colts 6 Minnesota Vikings 30 @ Chicago Bears 27 (OT) Tampa Bay Buccaneers 30 @ New York Giants 7 Denver Broncos @ Las Vegas Raiders (in progress) Arizona Cardinals @ Seattle Seahawks (in progress)New Delhi, Dec 29, 2024 E-commerce company Snapdeal has managed to cut down its loss to Rs 160.38 crore in FY24 from Rs 282.20 crore in FY23. Apart from this, the company’s Earnings Before Interest, Taxes, Depreciation, and Amortisation (EBITDA) loss declined by 88 per cent to Rs 16 crore in FY24. It was Rs 144 crore in FY23. The reason for the reduction in the company’s loss is the decline in expenses. The company’s total expenditure in FY24 was Rs 540.76 crore. It was Rs 687.93 crore in FY23. The employee benefits expenditure of the company in FY24 declined by 48.5 per cent on YoY (year-on-year) basis to Rs 158.4 crore. It was Rs 307.53 crore in FY23. During this period, the company’s advertising expenditure was reduced by 23.5 per cent on YoY basis to Rs 70.37 crore. Snapdeal’s operating income increased by 2.1 per cent to Rs 379.76 crore in FY24 from Rs 371.96 crore in FY23. Market services have the biggest contribution of Rs 252.55 crore to the company’s revenue. However, it decreased by 9.6 percent on YoY basis as compared to FY23. The company’s enablement income increased by 14.8 per cent year-on-year to Rs 103.36 crore in FY24. The company’s income from other items has increased 8 times to Rs 23.85 crore in the last financial year. According to the stock exchange filing, Snapdeal has reduced its stake in Unicommerce. The company had raised Rs 33 crore from the secondary sale of 3.4 per cent stake during May-June 2024 ahead of the IPO and Rs 81 crore from the sale of 9.2 per cent stake under the offer for sale in the IPO that came in August 2024. Snapdeal is one of India’s leading e-commerce platforms. Founded in 2010, Snapdeal focuses on the value commerce market in India and has served more than 10 Crore online shoppers over the past 14+ years.(Agency)
The Head of Civil Service of the Federation, Mrs. Walson-Jack, has launched new policies and guidelines aimed at repositioning the civil service. The four transformative policies and guidelines include: Rewards and Recognition Policy and Guidelines; Incentives and Consequence Management Policy and Guidelines; Mentoring Framework; and the Protocol on the Use of Federal Government Secretariat. Walson-Jack, while speaking at a dinner in honour of newly promoted directors at the weekend, explained that these policies are integral to the Public Service Rules 2021 and the Federal Civil Service Strategy and Implementation Plan 2025 (FCSSIP-25). Each is strategically aligned with the reform pillars outlined in these frameworks to ensure coherence, sustainability, and measurable impact. The HCSF reiterated the critical role of the newly promoted directors in being at the forefront of driving the needed civil service reforms, especially as it concerns the actualization of the Renewed Hope Agenda of President Tinubu. She charged the 332 directors that their promotion heralds “the beginning of a more challenging and fulfilling part where your influence and impact will shape the future of our civil service.” “As newly promoted directors, you have reached the pinnacle that reflects not just your achievements, but the trust and expectation placed upon you by the Federal Civil Service and the nation,” she added, urging them to rededicate themselves to the principles of good governance, transparency, efficiency, and accountability. Mrs. Walson-Jack further charged the new directors to let their leadership inspire confidence among their subordinates and stakeholders, while imbibing the highest standards of public service. She added, “I urge you, therefore, to embrace this opportunity for growth and development. I would like to inspire you to reach new heights in your career.” The HCSF encouraged them to foster an environment of collaboration, inclusivity, and continuous learning, assuring them of her firm support. Meanwhile, the HCSF has unveiled three initiatives aimed at transforming Nigeria’s civil service as part of the activities marking her first 100 days in office under the theme Marching to Greatness: Celebrating 100 Days. The initiatives, which include Service-Wise GPT, an AI-driven assistant designed to enhance decision-making and efficiency among civil servants; GOVMail, a secure email platform for official communication; and the Nigeria Federal Civil Service Online Academy, which offers online courses for skill development. Walson-Jack said that these tools are essential for modernising the civil service, ensuring that it meets the needs of citizens effectively, and guaranteeing that the much-needed reforms in the civil service are technologically driven.
NoneGAVI OFFICIAL APPLAUDS QATAR FOR PLAYINGPIONEERING ROLE IN GLOBAL IMMUNISATION
Perhaps my memory is failing, but was there a time when Southeast Asia was so threatened by organized crime yet so helpless to respond? The region is not unaccustomed to the evils of crime. The U.N. estimates that the drug trade is worth around $80 billion a year (although that includes East Asia, too). The illegal timber industry (again, in Southeast and East Asia) may be worth $11 billion annually. One can add to this list the illegal export of sand, gold, and fish, counterfeiting, and human and wildlife trafficking. However, despite still being relatively juvenile, perhaps two to three years old, the cyber-scamming industry looks far more consequential than any of the other criminal activities mentioned above and may soon rival drug trafficking in value. The United States Institute of Peace reckons “pig butchering” scams could be generating the equivalent of 40 percent of each of the formal economies of Cambodia, Myanmar, and Laos. In Cambodia alone, the industry is believed to be worth around $12.5 billion annually. The USAID’s latest Counter-Trafficking in Persons report estimates there could be 150,000 people coerced into the industry’s labor force in Cambodia alone. There might be half this number in Laos. There are no good estimates of how much money from the industry is being laundered through the Southeast Asian economies, tainting every formal sector it touches. Moreover, the industry is steering major political events. Future historians would be correct to argue that the course of the Myanmar civil war was rewritten last year when Beijing tried to play the junta and the ethnic militia off against each other to shut down the cyberscamming compounds on the Myanmar-China border, which sparked Offensive 1027 by anti-junta militias that has routed junta forces across much of the country. This feat has resulted in Beijing now throwing its weight behind the military regime. The reason I am pondering whether scamming is more threatening than other illegal industries, even if it’s probably less lucrative than the methamphetamine trade for now, is because of how distinct a criminal activity it is. The first thing to be said is that all the other abovementioned illegal industries are shadows of formal, legal sectors. It isn’t illegal to sell wood or gold; the illegality comes when these are taken from protected areas or sold without the correct permission. One might argue that the narcotics trade is the illegal sibling of the pharmaceutical trade. Methamphetamine, the main drug of choice in Southeast Asia, can be legally sold as Desoxyn. Human trafficking often resembles the dark side of state-sponsored emigration schemes. Because of their proximity to the legal market, almost every criminal activity can theoretically become legal overnight. That happened, for instance, when the Thai government decriminalized cannabis in 2022. A government could make a previously protected forest unprotected, thus making illegal logging legal. Maybe you don’t think decriminalization is a moral response, but you’d struggle to argue that it doesn’t strip criminal networks of funds that pay for other illegal activity or that it doesn’t produce economic gains (tax) instead of economic losses (the cost of law enforcement, etc) for the nation. Moreover, you couldn’t dispute that if a law enforcement response fails, a government has the right to consider this legislative fallback. Accept this premise, and it becomes clear just how different the cyber scamming industry is. For starters, it isn’t merely a shadowy, unregulated cousin of a legal industry. There is no such thing as legal scamming, certainly not of the “pig-butchering” variety common in Southeast Asia. Because of this, a government cannot simply make cyberscamming legal. Therefore, there is no legislative fallback, meaning the only response is law enforcement. Since law enforcement is the only way to tackle the problem, let’s consider the three options for doing so. One is an overwhelming, probably unlawful campaign against the scammers. Think of the recent El Salvadorian approach to drugs. Basically, build dozens of prisons and detain or murder anyone you think might be associated with scamming. But it’s difficult to imagine this happening since no country in the region affected by the scam industry has a police force capable of doing so and because there’s zero political will for this. Why would governments want to end an activity that puts millions of dollars in their own pockets? What self-respecting politician or tycoon in Cambodia, Laos, or Myanmar would miss the opportunity of getting involved in a $12 billion industry? I would claim that the only effective way of tackling the industry would be for Southeast Asian governments to permit Chinese police to operate freely and extensively inside their borders. (Such a possibility obviously has some support in Beijing since it was the heroic climax to the Chinese blockbuster film “No More Bets,” which passed approval by the censors.) Yet, it’s a pointless debate. The opprobrium it would cause amongst the local populations (who are already on edge about anything that looks like Chinese colonization) and the vehement opposition from the United States means it isn’t going to happen. That leaves two options. Either you harass and intimidate the scammers so that the weaker outfits unaffiliated with politicians or local oligarchs leave your country. This happened in August when the Lao police gave advance warning to scammers inside the notorious Golden Triangle Special Economic Zone, a near-autonomous region run by the Chinese mafioso Zhao Wei. After he met with Lao authorities early that month, the police raided his economic zone, but many of the scammers had been forewarned of the bust, most relocating to Cambodia and Myanmar. Likewise, scammers in the Philippines relocated to Cambodia after some busts this year. Granted, this isn’t an ideal regional response, but when have Southeast Asian countries ever put solidarity above self-interest? Alternatively, you allow the cyber-scamming industry to be consolidated by one or two main outfits. Consolidation means law enforcement can go after the weaker, unaffiliated outfits, leaving politicians and their go-betweens to parley with the kingpins. The rationale is that a compliant industry boss, knowing their business will be left unmolested, will limit the antisocial behavior that ensnares the wider public and the other “excesses” of the industry, such as human trafficking and slave-like working conditions. According to my sources, this appears to be the favored response in Cambodia, where most of the scamming industry is being consolidated by Chen Zhi, a naturalized Cambodian citizen who owns the vast Prince Group conglomerate. The problem with this response is that it’s essentially no response at all; it’s neither a law enforcement approach nor a legislative one. It leaves government wallahs begging the criminals to reform their excesses on the condition that tithes are paid to the political aristocracy. Moreover, it only makes sense for narco-states in Latin America, where politicians know that someday they could simply legalize the narcotics trade. Without this option, governments would have no fallback if the compact with criminals fell apart. Worse, it means the dominant cartel grows ever more wealthy and influential, and the entire state becomes maggoty by its riches. Cambodia, for instance, is well on its way to becoming the world’s first “scam state.”
Jimmy Carter, the 39th US president, has died at 100Net sales increased 2% versus last year with comparable sales up 1% Operating margin of 9.3% improved 270 basis points versus last year Market share gains across all brands in the quarter Raises outlook for fiscal 2024 net sales, gross margin and operating income growth SAN FRANCISCO , Nov. 21, 2024 /PRNewswire/ -- Gap Inc. (NYSE: GAP), the largest specialty apparel company in the U.S. and a house of iconic brands including Old Navy, Gap, Banana Republic, and Athleta, today reported financial results for its third quarter ended November 2, 2024. "I'm proud that Gap Inc. delivered another successful quarter, growing net sales for the 4 th consecutive quarter and gaining market share across all brands while meaningfully expanding operating margin," said President and Chief Executive Officer, Richard Dickson . "Consistent execution of our strategic priorities, including the rigor and repetition we're applying to our brand reinvigoration playbook, is making us a stronger company and demonstrates our continued progress in unlocking Gap Inc.'s full potential." Dickson continued: "Holiday is off to a strong start and we remain focused on executing with excellence in the fourth quarter. Our performance year-to-date gives us the confidence to raise our full year outlook for sales, gross margin and operating income growth." Third Quarter Fiscal 2024 – Financial Results Balance Sheet and Cash Flow Highlights 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: Gap: Banana Republic: Athleta: Fiscal 2024 Outlook As a result of its strong third quarter results, the company is raising its full year outlook for net sales, gross margin and operating income growth compared to prior expectations. Please note that the company's projected full year fiscal 2024 operating income growth below is provided in comparison to its full year fiscal 2023 adjusted operating income, which excludes $93 million in restructuring costs and a $47 million gain on sale of a building. Full Year Fiscal 2024 Current FY24 Outlook Prior FY24 Outlook FY23 Results Net sales Up 1.5% to 2.0% on a 52-week basis Up slightly on a 52-week basis $14.9 billion 1 Gross margin Approximately 220 bps expansion Approximately 200 bps expansion 38.8 % Operating expense Approximately $5.1 billion Approximately $5.1 billion $5.17 billion (adjusted) 2 Operating income Mid to High 60% growth range Mid to High 50% growth range $606 million (adjusted) 3 Effective tax rate Approximately 26.5% Approximately 28% 9.7 % Capital expenditures Approximately $500 million Approximately $500 million $420 million 1 Fiscal year 2023 consisted of 53 weeks and the extra week drove approximately $160 million of incremental sales. 2 Fiscal year 2023 adjusted operating expense of $5.17 billion excludes $89 million in restructuring costs and a $47 million gain on sale. 3 Fiscal year 2023 adjusted operating income of $606 million excludes $93 million in restructuring costs and a $47 million gain on sale. Webcast and Conference Call Information Whitney Notaro , Head of Investor Relations at Gap Inc., will host a conference call to review the company's third quarter fiscal 2024 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 release and related conference call include financial measures that have not been calculated in accordance with U.S. generally accepted accounting principles (GAAP) and are therefore referred to as non-GAAP financial measures. The non-GAAP measures described below are intended to provide investors with additional useful information about the company's financial performance, to enhance the overall understanding of its past performance and future prospects, and to allow for greater transparency with respect to important metrics used by management for financial and operating decision-making. The company presents these non-GAAP financial measures to assist investors in seeing its financial performance from management's view and because it believes they provide an additional tool for investors to use in computing the company's core financial performance over multiple periods with other companies in its industry. Additional information regarding the intended use of non-GAAP measures included in this press release and related conference call is provided in the tables to this press release. The non-GAAP measures included in this press release and related conference call are adjusted operating expense/adjusted SG&A, adjusted operating income, adjusted operating margin, adjusted diluted earnings per share, and free cash flow. These non-GAAP measures exclude the impact of certain items that are set forth in the tables to this press release. In addition, the company's outlook includes projected full year fiscal 2024 operating income growth compared to its full year fiscal 2023 adjusted operating income. The non-GAAP measures used by the company should not be considered as a substitute for, or superior to, measures of financial performance prepared in accordance with GAAP and may not be the same as similarly titled measures used by other companies due to possible differences in method and in items or events being adjusted. The company urges investors to review the reconciliation of non-GAAP financial measures to the most directly comparable GAAP financial measures included in the tables to this press release below, and not to rely on any single financial measure to evaluate its business. The non-GAAP financial measures used by the company have limitations in their usefulness to investors because they have no standardized meaning prescribed by GAAP and are not prepared under any comprehensive set of accounting rules or principles. Forward-Looking Statements This press release and related conference call and accompanying materials contain forward-looking statements within the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. All statements other than those that are purely historical are forward-looking statements. Words such as "expect," "anticipate," "believe," "estimate," "intend," "plan," "project," and similar expressions also identify forward-looking statements. Forward-looking statements include statements regarding the following: becoming a high performing company; unlocking Gap Inc.'s potential; our four strategic priorities, including maintaining and delivering financial and operational rigor, the reinvigoration of our brands, strengthening our operating platform, and energizing our culture; driving relevance and revenue by executing on our brand reinvigoration playbook; expectations for Old Navy for the holiday season; accelerating Old Navy's presence in the Active category; Old Navy's holiday activations and product; reigniting Gap brand's leadership in trend-right products and creative expression through big ideas and culturally relevant messaging; reestablishing Banana Republic to thrive in the premium lifestyle space; evolving Banana Republic's assortment and fit; continuing to fix the fundamentals at Banana Republic; Banana Republic's holiday product; Athleta's trajectory; Athleta's holiday product; enhancing Athleta's in-store and online experiences; driving high-performance across our teams; executing with excellence; Gap Inc.'s positioning going into the holiday season; expectations for our full year performance; expected year-end inventory levels; expected full year fiscal 2024 net sales; the expected impact of the loss of the 53rd week on full year fiscal 2024 net sales; expected fourth quarter fiscal 2024 net sales; the expected impacts of the loss of the 53rd week and the weekly calendar shift on fourth quarter fiscal 2024 net sales; expected full year fiscal 2024 gross margin; the expected impacts of commodity costs and better inventory management on full year fiscal 2024 gross margin; expected full year fiscal 2024 ROD; expected fourth quarter fiscal 2024 gross margin; the expected impact of the loss of the 53rd week on fourth quarter fiscal 2024 gross margin; expected full year fiscal 2024 SG&A/operating expense; continuing cost discipline and unlocking more efficiencies in the business; expected full year fiscal 2024 operating income; expected full year fiscal 2024 effective tax rate; expected full year fiscal 2024 capital expenditures; generating sustainable, profitable growth and delivering long-term shareholder value; and our dividend policy. Because these forward-looking statements involve risks and uncertainties, there are important factors that could cause our actual results to differ materially from those in the forward-looking statements. These factors include, without limitation, the following risks, any of which could have an adverse effect on our business, financial condition, results of operations, or reputation: the overall global economic and geopolitical environment, including the ongoing Russia - Ukraine and Israel-Hamas conflicts and recent elections in the United States , and impacts on consumer spending patterns; social and political unrest in our sourcing countries, including Bangladesh , and disruptions to global trade and shipping capacity, including in the Red Sea; the risk that we or our franchisees may be unsuccessful in gauging apparel trends and changing consumer preferences or responding with sufficient lead time; the highly competitive nature of our business in the United States and internationally; the risk that we may be unable to manage our inventory effectively and the resulting impact on our gross margins and sales; the risk that our investments in customer, digital, and omni-channel shopping initiatives may not deliver the results we anticipate; the risk that we fail to maintain, enhance, and protect our brand image and reputation; the risk of loss or theft of assets, including inventory shortage; the risk that we fail to manage key executive succession and retention or continue to attract qualified personnel; reductions in income and cash flow from our credit card arrangement related to our private label and co-branded credit cards; the risk that changes in our business strategy or restructuring our operations may not generate the intended benefits or projected cost savings; the risk that trade matters could increase the cost or reduce the supply of apparel available to us; the risks to our business, including our costs and global supply chain, associated with global sourcing and manufacturing; the risks to our reputation or operations associated with importing merchandise from foreign countries, including failure of our vendors to adhere to our Code of Vendor Conduct; the risk that we or our franchisees may be unsuccessful in identifying, negotiating, and securing new store locations and renewing, modifying, or terminating leases for existing store locations effectively; engaging in or seeking to engage in strategic transactions that are subject to various risks and uncertainties; the risk that our efforts to expand internationally may not be successful; the risk that our franchisees and licensees could impair the value of our brands; the risk of data or other security breaches or vulnerabilities that may result in increased costs, violations of law, significant legal and financial exposure, and a loss of confidence in our security measures; the risk that failures of, or updates or changes to, our IT systems may disrupt our operations; the risk that our comparable sales and margins may experience fluctuations, that we may fail to meet financial market expectations, or that the seasonality of our business may experience fluctuations; the risk of foreign currency exchange rate fluctuations; the risk that our level of indebtedness may impact our ability to operate and expand our business; the risk that we and our subsidiaries may be unable to meet our obligations under our indebtedness agreements; the risk that changes in our credit profile or deterioration in market conditions may limit our access to the capital markets; natural disasters, public health crises (such as pandemics and epidemics), political crises (such as the ongoing Russia - Ukraine and Israel-Hamas conflicts), negative global climate patterns, or other catastrophic events; evolving regulations and expectations with respect to ESG matters, including climate reporting; the adverse effects of climate change on our operations and those of our franchisees, vendors, and other business partners; our failure to comply with applicable laws and regulations and changes in the regulatory or administrative landscape; the risk that we will not be successful in defending various proceedings, lawsuits, disputes, and claims; the risk that our estimates and assumptions used when preparing our financial information are inaccurate or may change; the risk that changes in the geographic mix and level of income or losses, the expected or actual outcome of audits, changes in deferred tax valuation allowances, and new legislation could impact our effective tax rate, or that we may be required to pay amounts in excess of established tax liabilities; the risk that changes in our business structure, our performance or our industry could result in reductions in our pre-tax income or utilization of existing tax carryforwards in future periods, and require additional deferred tax valuation allowances; the risk that the adoption of new accounting pronouncements will impact future results; and the risk that additional information may arise during our close process or as a result of subsequent events that would require us to make adjustments to our financial information. Additional information regarding factors that could cause results to differ can be found in our Annual Report on Form 10-K filed with the Securities and Exchange Commission on March 19, 2024 , as well as our subsequent filings with the Securities and Exchange Commission. These forward-looking statements are based on information as of November 21, 2024 . We assume no obligation to publicly update or revise our forward-looking statements even if experience or future changes make it clear that any projected results expressed or implied therein will not be realized. About Gap Inc. Gap Inc., a house of iconic brands, is the largest specialty apparel company in America. Its Old Navy , Gap , Banana Republic , and Athleta brands offer clothing, accessories, and lifestyle products for men, women and children. Since 1969, Gap Inc. has created products and experiences that shape culture, while doing right by employees, communities and the planet. Gap Inc. products are available worldwide through company-operated stores, franchise stores, and e-commerce sites. Fiscal year 2023 net sales were $14.9 billion . For more information, please visit www.gapinc.com . Investor Relations Contact: Nina Bari Investor_relations@gap.com Media Relations Contact: Megan Foote Press@gap.com The Gap, Inc. CONDENSED CONSOLIDATED BALANCE SHEETS UNAUDITED ($ in millions) November 2, 2024 October 28, 2023 ASSETS Current assets: Cash and cash equivalents $ 1,969 $ 1,351 Short-term investments 250 — Merchandise inventory 2,331 2,377 Other current assets 580 646 Total current assets 5,130 4,374 Property and equipment, net of accumulated depreciation 2,546 2,552 Operating lease assets 3,217 3,200 Other long-term assets 960 926 Total assets $ 11,853 $ 11,052 LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Accounts payable $ 1,523 $ 1,433 Accrued expenses and other current liabilities 1,135 1,078 Current portion of operating lease liabilities 617 604 Income taxes payable 50 24 Total current liabilities 3,325 3,139 Long-term liabilities: Long-term debt 1,489 1,488 Long-term operating lease liabilities 3,360 3,456 Other long-term liabilities 544 509 Total long-term liabilities 5,393 5,453 Total stockholders' equity 3,135 2,460 Total liabilities and stockholders' equity $ 11,853 $ 11,052 The Gap, Inc. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS UNAUDITED 13 Weeks Ended 39 Weeks Ended ($ and shares in millions except per share amounts) November 2, 2024 October 28, 2023 November 2, 2024 October 28, 2023 Net sales $ 3,829 $ 3,767 $ 10,937 $ 10,591 Cost of goods sold and occupancy expenses 2,194 2,211 6,322 6,488 Gross profit 1,635 1,556 4,615 4,103 Operating expenses 1,280 1,306 3,762 3,757 Operating income 355 250 853 346 Interest, net (6) — (12) 8 Income before income taxes 361 250 865 338 Income tax expense 87 32 227 21 Net income $ 274 $ 218 $ 638 $ 317 Weighted-average number of shares - basic 377 371 376 369 Weighted-average number of shares - diluted 383 375 383 373 Earnings per share - basic $ 0.73 $ 0.59 $ 1.70 $ 0.86 Earnings per share - diluted $ 0.72 $ 0.58 $ 1.67 $ 0.85 The Gap, Inc. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS UNAUDITED 39 Weeks Ended ($ in millions) November 2, 2024 (a) October 28, 2023 (a) Cash flows from operating activities: Net income $ 638 $ 317 Depreciation and amortization 371 394 Gain on sale of building — (47) Change in merchandise inventory (344) (5) Change in accounts payable 156 133 Other, net
Israel strikes Houthi rebels in Yemen's capital while the WHO chief says he was meters away JERUSALEM (AP) — A new round of Israeli airstrikes in Yemen have targeted the Houthi rebel-held capital of Sanaa and multiple ports. The World Health Organization’s director-general said the bombardment on Thursday took place just “meters away” as he was about to board a flight in Sanaa. He says a crew member was hurt. The strikes followed several days of Houthi attacks and launches setting off sirens in Israel. Israel's military says it attacked infrastructure used by the Houthis at the international airport in Sanaa, power stations and ports. The Israeli military hasn't responded to questions about the WHO chief's statement. The US says it pushed retraction of a famine warning for north Gaza. Aid groups express concern. WASHINGTON (AP) — U.S. officials say they asked for — and got — the retraction of an independent monitor's warning of imminent famine in north Gaza. The internationally Famine Early Warning System Network issued the warning this week. The new report had warned that starvation deaths in north Gaza could reach famine levels as soon as next month. It cited what it called Israel's “near-total blockade” of food and water. The U.S. ambassador to Israel, Jacob Lew, criticized the finding as inaccurate and irresponsible. The U.S. Agency for International Development, which funds the famine-monitoring group, told the AP it had asked for and gotten the report's retraction. USAID officials tell The Associated Press that it had asked the group for greater review of discrepancies in some of the data. Trump has pressed for voting changes. GOP majorities in Congress will try to make that happen ATLANTA (AP) — Republicans in Congress plan to move quickly in their effort to overhaul the nation’s voting procedures, seeing an opportunity with control of the White House and both chambers of Congress. They want to push through long-sought changes such as voter ID and proof-of-citizenship requirements. They say the measures are needed to restore public confidence in elections. That's after an erosion of trust that Democrats note has been fueled by false claims from Donald Trump and his allies of widespread fraud in the 2020 election. Democrats say they are willing to work with the GOP but want any changes to make it easier, not harder, to vote. Americans are exhausted by political news. TV ratings and a new AP-NORC poll show they're tuning out NEW YORK (AP) — A lot of Americans, after an intense presidential election campaign, are looking for a break in political news. That's evident in cable television news ratings and a poll from The Associated Press-NORC Center for Public Affairs Research. The poll found nearly two-thirds of Americans saying they've found the need recently to cut down on their consumption of political and government news. That's particularly true among Democrats following President-elect Donald Trump's victory, although a significant number of Republicans and independents feel the same way. Cable networks MSNBC and CNN are really seeing a slump. That's also happened in years past for networks that particularly appeal to supporters of one candidate. Aviation experts say Russia's air defense fire likely caused Azerbaijan plane crash as nation mourns Aviation experts say that Russian air defense fire was likely responsible for the Azerbaijani plane crash the day before that killed 38 people and left all 29 survivors injured. Azerbaijan is observing a nationwide day of mourning on Thursday for the victims of the crash. Azerbaijan Airlines’ Embraer 190 was en route from Azerbaijan’s capital of Baku to the Russian city of Grozny in the North Caucasus on Wednesday when it was diverted for reasons yet unclear and crashed while making an attempt to land in Aktau in Kazakhstan. Cellphone footage circulating online appeared to show the aircraft making a steep descent before smashing into the ground in a fireball. India's former prime minister Manmohan Singh, architect of economic reforms, dies aged 92 NEW DELHI (AP) — India’s former Prime Minister Manmohan Singh, widely regarded as the architect of India’s economic reform program and a landmark nuclear deal with the United States, has died. He was 92. The hospital said Singh was admitted to New Delhi’s All India Institute of Medical Sciences late Thursday after his health deteriorated due to “sudden loss of consciousness at home." He was “being treated for age-related medical conditions,” the statement added. A mild-mannered technocrat, Singh became one of India’s longest-serving prime ministers for 10 years and earned a reputation as a man of great personal integrity. But his sterling image was tainted by allegations of corruption against his ministers. Ukraine's military intelligence says North Korean troops are suffering heavy battlefield losses KYIV, Ukraine (AP) — Ukraine's military intelligence says North Korean troops are suffering heavy losses in Russia's Kursk region and face logistical difficulties as a result of Ukrainian attacks. The intelligence agency said Thursday that Ukrainian strikes near Novoivanovka inflicted heavy casualties on North Korean units. Ukraine's president said earlier this week that 3,000 North Korean troops have been killed and wounded in the fighting in the Kursk region. It marked the first significant estimate by Ukraine of North Korean casualties several weeks after Kyiv announced that North Korea had sent 10,000 to 12,000 troops to Russia to help it in the almost 3-year war. How the stock market defied expectations again this year, by the numbers NEW YORK (AP) — What a wonderful year 2024 has been for investors. U.S. stocks ripped higher and carried the S&P 500 to records as the economy kept growing and the Federal Reserve began cutting interest rates. The benchmark index posted its first back-to-back annual gains of more than 20% since 1998. The year featured many familiar winners, such as Big Tech, which got even bigger as their stock prices kept growing. But it wasn’t just Apple, Nvidia and the like. Bitcoin and gold surged and “Roaring Kitty” reappeared to briefly reignite the meme stock craze. Holiday shoppers increased spending by 3.8% despite higher prices New data shows holiday sales rose this year even as Americans wrestled with still high prices in many grocery necessities and other financial worries. According to Mastercard SpendingPulse, holiday sales from the beginning of November through Christmas Eve climbed 3.8%, a faster pace than the 3.1% increase from a year earlier. The measure tracks all kinds of payments including cash and debit cards. This year, retailers were even more under the gun to get shoppers in to buy early and in bulk since there were five fewer days between Thanksgiving and Christmas. Mastercard SpendingPulse says the last five days of the season accounted for 10% of the spending. Sales of clothing, electronics and Jewelry rose. Why this Mexican American woman played a vital role in the US sacramental peyote trade MIRANDO CITY, Texas (AP) — Amada Cardenas, a Mexican American woman who lived in the tiny border town of Mirando City in South Texas, played an important role in the history of the peyote trade. She and her husband were the first federally licensed peyote dealers who harvested and sold the sacramental plant to followers of the Native American Church in the 1930s. After her husband's death in 1967, Cardenas continued to welcome generations of Native American Church members to her home until her death in 2005, just before her 101st birthday.Reed scores 15 off the bench, Tulsa downs Mississippi Valley State 93-48
Former President Jimmy Carter, our nation’s 39th chief executive, dies at 100
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