8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

_____________________

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of The Securities Exchange Act of 1934

__________________________________________

Date of Report

(Date of earliest event reported)

November 16, 2017

THE GAP, INC.

(Exact name of registrant as specified in its charter)

Delaware	1-7562	94-1697231
(State of incorporation)	(Commission File Number)	(IRS Employer Identification No.)

Two Folsom Street San Francisco, California	94105
(Address of principal executive offices)	(Zip Code)

(415) 427-0100

(Registrant’s telephone number, including area code)

N/A

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

[ ]     Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

[ ]     Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

[ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

[ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Indicate by check mark whether the registrant is an emerging growth company as defined in as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company [ ]

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. [ ]

Item 7.01.Regulation FD Disclosure

A table outlining historical comparable sales of The Gap, Inc. (the "Company") and by global brand is attached hereto as Exhibit 99.1. Supplemental slides referenced during the Company's third quarter earnings call on November 16, 2017 are attached hereto as Exhibit 99.2.

The information presented in Item 7.01 of this Current Report on Form 8-K shall not be deemed “filed” for purposes of Section 18 of the Exchange Act, or otherwise subject to the liabilities of that section, unless we specifically state that the information is to be considered “filed” under the Exchange Act or specifically incorporate it by reference in any filing under the Securities Act or the Exchange Act.

Item 9.01.Financial Statements and Exhibits

99.1 Historical comparable sales.

99.2 Supplemental slides provided in connection with the Company's third quarter 2017 earnings call.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

	THE GAP, INC.
	(Registrant)
Date: November 16, 2017	By:	/s/ Teri List-Stoll
		Teri List-Stoll
		Executive Vice President and
		Chief Financial Officer

EXHIBIT INDEX

Exhibit Number	Description
99.1	Historical comparable sales.
99.2	Supplemental slides provided in connection with the Company's third quarter 2017 earnings call.

EX-99.1

GAP INC. Historical Comparable Sales by Global Brand Fiscal 2012 to Present Final Fiscal 2017 1Q17 2Q17 3Q17 4Q17 FY-17 Gap Global -4% -1% 1% Banana Republic Global -4% -5% -1% Old Navy Global 8% 5% 4% Gap Inc. 2% 1% 3% Fiscal 2016 1Q16 2Q16 3Q16 4Q16 FY-16 Gap Global -3% -3% -8% 0% -3% Banana Republic Global -11% -9% -8% -3% -7% Old Navy Global -6% 0% 3% 5% 1% Gap Inc. -5% -2% -3% 2% -2% Fiscal 2015 1Q15 2Q15 3Q15 4Q15 FY-15 Gap Global -10% -6% -4% -3% -6% Banana Republic Global -8% -4% -12% -14% -10% Old Navy Global 3% 3% 4% -8% 0% Gap Inc. -4% -2% -2% -7% -4% Fiscal 2014 1Q14 2Q14 3Q14 4Q14 FY-14 Gap Global -5% -5% -5% -6% -5% Banana Republic Global -1% 0% 0% 1% 0% Old Navy Global 1% 4% 1% 11% 5% Gap Inc. -1% 0% -2% 2% 0% Fiscal 2013 1Q13 2Q13 3Q13 4Q13 FY-13 Gap Global 3% 6% 1% 1% 3% Banana Republic Global 0% -1% -1% -3% -1% Old Navy Global 3% 6% 0% 0% 2% Gap Inc. 2% 5% 1% 1% 2% Fiscal 2012 1Q12 2Q12 3Q12 4Q12 FY-12 Gap Global 2% 3% 4% 2% 3% Banana Republic Global 5% 6% 5% 3% 5% Old Navy Global 4% 3% 9% 8% 6% Gap Inc. 4% 4% 6% 5% 5% Comp sales include the results of Company-operated stores and sales through online channels in those countries where we have existing Comp store sales. A store is included in the Comp sales calculations when it has been open and operated by under Gap Inc. for at least one year and the selling square footage has not changed by 15 percent or more within the past year. The calculation of Gap Inc. Comp sales includes Company-operated stores but excludes the results of the franchise business. Beginning in February 2013, the Comp sales calculations for Gap Inc. include Athleta store and online sales. Beginning in December 2013, the Comp sales calculations for Gap Inc. include Intermix store and online sales. Between August 2013 and February 2015 the Comp sales calculations for Gap Inc. included Piperlime store sales but excluded Piperlime online. Exhibit 99.1

EX-99.2

GAP INC. FISCAL 2017 TERI LIST‐STOLL E X E C U T I V E   V I C E   P R E S I D E N T   & C H I E F   F I N A N C I A L   O F F I C E R THIRD QUARTER  EARNINGS RESULTS ART PECK P R E S I D E N T   & C H I E F   E X E C U T I V E   O F F I C E R Exhibit 99.2

This conference call and webcast 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. Forward‐looking statements include statements identified as such in our November  16, 2017 press release.  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. Information regarding  factors that could cause results to differ can be found in our November 16, 2017 earnings press release, our  Annual Report on Form 10‐K for the fiscal year ended January 28, 2017, and our subsequent filings with the U.S.  Securities and Exchange Commission, all of which are available on gapinc.com.  These forward‐looking statements are based on information as of November 16, 2017. 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. This presentation includes the non‐GAAP measures adjusted net income, adjusted earnings per share, adjusted  earnings per share growth excluding the year‐over‐year impacts of foreign exchange, adjusted gross profit,  adjusted gross margin, adjusted operating expenses, adjusted operating expenses as a percent of net sales,  adjusted operating income, adjusted operating income as a percent of net sales (operating margin), adjusted  capital expenditures, and free cash flow. The description and reconciliation of these measures from GAAP is  included in our November 16, 2017 earnings press release, which is available on gapinc.com. F O R W A R D   L O O K I N G   S T A T E M E N T S DISCLOSURE STATEMENT S E C   R E GU L A T I O N   G

THE GAP INC. ADVANTAGE • Portfolio of iconic, profitable  brands • Ability to meet our customers  where they are: online, mobile,  in‐store • Leveraging responsive and  innovative product creation  capabilities to gain market share  in loyalty‐driving categories • Scale that drives profitability  and growth

(1) In calculating the net sales change on a constant currency basis, current year foreign exchange rates are applied to both current year and prior year net sales.  This is done to enhance the visibility of underlying sales trends, excluding the impact of foreign currency exchange rate fluctuations. COMP AND NET SALES Q3 Net Sales (in billions)   $3.84                                 $3.80     Q3 Net Sales Growth vs. Prior Year     1%                                    (2%) Q3 Net Sales Growth vs. Prior               1%                                    (2%) Year in Constant Currency (1)  2% 2% 1% 3% Q4 2016 Q1 2017 Q2 2017 Q3 2017 Gap Inc. Comparable Sales 2017 2016

Q3 GROSS MARGIN Gross Profit (in billions)   $1.53                                  $1.49 $1.53 $1.49 Merchandise Margin B/(W) LY               0bps                                 220bps 0bps 200bps ROD % of Sales B/(W) LY                       40bps                                 (20bps) 60bps (40bps) 39.7% 39.3% 2017 2016 Reported 39.7% 39.1% 2017 2016 Adjusted(1) (1) Excludes $7 million of credit, net, related to pre‐tax restructuring charges in 2016.

Q3 OPERATING EXPENSES Operating Expenses  (in millions)                                             $1,147                                 $1,104 $1,147 $1,068     29.9% 29.1% 2017 2016 Reported 29.9% 28.1% 2017 2016 Adjusted(1) (1) Excludes $36 million of pre‐tax restructuring charges in 2016. AS A % OF SALES

Q3 OPERATING MARGIN 9.8% 10.2% 2017 2016 Reported 9.8% 11.0% 2017 2016 Operating Income  (in millions)                                            $378                                  $389 $378                                  $418 Adjusted(1) (1) Excludes $29 million of pre‐tax restructuring charges in 2016.

Q3 NET INCOME IN MILLIONS $229 $204 2017 2016 Reported $229 $238 2017 2016 EPS                                                               $0.58 $0.51 $0.58                                   $0.60 EPS Growth YoY                                            14%                                  (16%)              (3%)                                     (5%) Adjusted EPS Growth Excluding Estimated YoY Impact of FX vs. Prior Year (2) 0% 0% Adjusted(1) (1) Adjusted figures exclude impact of restructuring charges of $29 million, related tax benefit of $12 million, and incremental tax expense of $17 million related to restructuring. (2) In calculating earnings per share excluding the impact of foreign exchange, the company estimates current gross margins using the appropriate prior year rates (including the impact of  merchandise‐related hedges), translates current period foreign earnings at prior year rates, and excludes the year‐over‐year earnings impact of balance sheet remeasurement and  gains or losses from non‐merchandise‐related foreign currency hedges. This is done in order to enhance the visibility of business results excluding the direct impact of foreign currency  exchange rate fluctuations. 

OTHER THIRD QUARTER 2017 METRICS • Year‐to‐date capital expenditures  totaled $463 million • Ended the quarter with $1.35 billion  in cash and cash equivalents • Year‐to‐date distributions of  approximately $572 million to  shareholders through share  repurchases and dividends

FISCAL 2017 OUTLOOK Full Fiscal Year 2017 Reported Diluted Earnings per Share $2.18 ‐ $2.22 Up from previous guidance of: $2.12 ‐ $2.20 Adjusted Diluted Earnings per Share $2.08 ‐ $2.12 (1) Up from previous guidance of: $2.02 – $2.10 (1) Comp Sales Up low‐single‐digits Up from previous guidance of: Flat to up slightly Company‐Operated Stores: Net Store Closures About 30 Previous ending store count guidance: About flat vs. LY New Athleta Stores About 15 Capital Expenditures About $625 million(2) Effective Tax Rate  About 38% Down from previous guidance of: About 39% Fourth Quarter of Fiscal Year 2017 Share Repurchase About $100 million  AS OF NOVEMBER 16, 2017 (1) Excludes earnings per share impact of gain related to insurance proceeds in 2017.  (2) Excludes an estimated $175 million associated with rebuilding of our Fishkill D.C. and related supply chain spend, the majority of which is expected to be covered by  insurance proceeds.