The Gap, Inc. (NYSE:GPS) Q4 2022 Earnings Conference Call March 9, 2023 5:00 PM ET

Company Participants

Cammeron McLaughlin - Head, Investor Relations

Bobby Martin - Interim Chief Executive Officer

Haio Barbeito - Chief Executive Officer, Old Navy

Katrina O’Connell - Chief Financial Officer

Conference Call Participants

Brooke Roach - Goldman Sachs

Bob Drbul - Guggenheim Securities

Lorraine Hutchinson - Bank of America

Alex Straton - Morgan Stanley

Dana Telsey - Telsey Group

Matthew Boss - JPMorgan

Jay Sole - UBS

Adrienne Yih - Barclays

Paul Lejuez - Citigroup

Operator

Good afternoon, ladies and gentlemen. My name is Regina, and I will be your conference operator today. I would like to welcome everyone to the Gap Inc. Fourth Quarter 2022 Earnings Conference Call. At this time, all participants are in a listen-only mode. [Operator Instructions]

I would now like to introduce your host, Cammeron McLaughlin, Head of Investor Relations.

Cammeron McLaughlin

Good afternoon everyone. Welcome to Gap Inc.’s fourth quarter fiscal 2022 earnings conference call. Before we begin, I’d like to remind you that information made available on this webcast and conference call contains forward-looking statements that are subject to risks that could cause our actual results to be materially different.

For information on factors that could cause our actual results to differ materially from any forward-looking statements, as well as the description and reconciliation of any financial measures, not consistent with Generally Accepted Accounting Principles, please refer to the cautionary statements contained in our latest earnings release; the information included on page two, of the slides shown on the Investors section of our website, gapinc.com, which supplement today’s remarks; the risk factors described in the company’s Annual Report on Form 10-K filed with the Securities and Exchange Commission on March 15th, 2022 and any subsequent filings with the Securities and Exchange Commission, all of which are available on gapinc.com.

These forward-looking statements are based on information as of today, March 9th, 2023 and we assume no obligation to publicly update or revise our forward-looking statements. Joining me on the call today are Interim Chief Executive Officer, Bobby Martin; and Chief Financial Officer, Katrina O’Connell; and Old Navy Chief Executive Officer, Haio Barbeito

With that, I’ll turn the call over to Bobby.

Bobby Martin

Thank you, Cammeron, and good afternoon, everyone. When I first spoke with you in August of last year, we discussed the need and bias for action. In that time, we moved quickly and effectively at clearing excess inventory improving assortment balance, particularly at Old Navy, while removing costs across our business and improving our balance sheet and as a result, we entered fiscal 2023 in a more competitive position.