Revenue (Notes)

12 Months Ended

Jan. 29, 2022

Revenue from Contract with Customer [Abstract]

Revenue from Contract with Customer [Text Block]

Revenue

Disaggregation of Net Sales

We disaggregate our net sales between stores and online and also by brand and region. Net sales by region are allocated based on the location of the store where the customer paid for and received the merchandise or the distribution center or store from which the products were shipped.

Net sales disaggregated for stores and online sales for fiscal 2021, 2020, and 2019 are as follows:

	Fiscal Year
($ in millions)	2021		2020		2019
Store sales (1)	$	10,239	$	7,522	$	12,294
Online sales (2)	6,431		6,278		4,089
Total net sales	$	16,670	$	13,800	$	16,383

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(1)Store sales primarily include sales made at our Company-operated stores and franchise sales. Fiscal 2020 store sales were negatively impacted by the COVID-19 pandemic.

(2)Online sales primarily include sales originating from our online channel including those that are picked up or shipped from stores. Additionally, beginning in the second quarter of fiscal 2020, net sales from the business-to-business program and beginning in the fourth quarter of fiscal 2021, other revenue generating initiatives are also included.

Net sales disaggregated by brand and region are as follows:

($ in millions)	Old Navy Global		Gap Global		Banana Republic Global		Athleta		Other (2)		Total
Fiscal 2021
U.S. (1)	$	8,272	$	2,608	$	1,703	$	1,432	$	102	$	14,117
Canada	713		349		178		12		—		1,252
Europe	2		328		8		2		—		340
Asia	2		658		70		—		—		730
Other regions	93		120		17		1		—		231
Total	$	9,082	$	4,063	$	1,976	$	1,447	$	102	$	16,670
($ in millions)	Old Navy Global		Gap Global		Banana Republic Global		Athleta		Other (2)		Total
Fiscal 2020
U.S. (1)	$	6,898	$	2,099	$	1,242	$	1,135	$	276	$	11,650
Canada	578		261		130		—		3		972
Europe	—		319		10		—		—		329
Asia	4		642		64		—		—		710
Other regions	56		67		16		—		—		139
Total	$	7,536	$	3,388	$	1,462	$	1,135	$	279	$	13,800
($ in millions)	Old Navy Global		Gap Global		Banana Republic Global (3)		Athleta		Other (4)		Total
Fiscal 2019
U.S. (1)	$	7,259	$	2,723	$	2,191	$	978	$	247	$	13,398
Canada	587		349		215		—		2		1,153
Europe	—		525		14		—		—		539
Asia	45		943		96		—		—		1,084
Other regions	92		94		23		—		—		209
Total	$	7,983	$	4,634	$	2,539	$	978	$	249	$	16,383

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(1)U.S. includes the United States, Puerto Rico, and Guam.

(2)Primarily consists of net sales for the Intermix, Janie and Jack, and Hill City brands. The divestiture of Janie and Jack was completed on April 8, 2021. The divestiture of Intermix was completed on May 21, 2021. Hill City brand was closed in January 2021. Additionally, beginning in the second quarter of fiscal 2020, net sales from the business-to-business program and beginning in the fourth quarter of fiscal 2021, other revenue generating initiatives are also included.

(3)Banana Republic Global includes net sales for the Janie and Jack brand from March 4, 2019 through February 1, 2020.

(4)Primarily consists of net sales for the Intermix and Hill City brands as well as a portion of income related to our credit card agreement.

Deferred Revenue

We defer revenue when cash payments are received in advance of performance for unsatisfied obligations related to our gift cards, credit vouchers, licensing agreements, outstanding loyalty points, and reimbursements of loyalty program discounts associated with our credit card agreement. For fiscal 2021, the opening balance of deferred revenue for these obligations was $231 million, of which $157 million was recognized as revenue during the period. The closing balance of deferred revenue for these obligations was $345 million as of January 29, 2022. The increase in the deferred revenue balance as of January 29, 2022 is primarily due to the issuance of additional loyalty points with the launch of our new integrated loyalty program across the U.S. and Puerto Rico.

We expect that the majority of our revenue deferrals as of January 29, 2022 will be recognized as revenue in the next twelve months as our performance obligations are satisfied.

For fiscal 2020, the opening balance of deferred revenue for these obligations was $226 million, of which $165 million was recognized as revenue during the period. The closing balance of deferred revenue for these obligations was $231 million as of January 30, 2021.

During the fifty-two weeks ended January 29, 2022, the Company entered into agreements with Barclays and Mastercard relating to a new long-term credit card program that is expected to begin in the second quarter of fiscal 2022. Accordingly, our private label credit card program with Synchrony Financial will be discontinued upon the launch of the new long-term credit card program. During the fifty-two weeks ended January 29, 2022, the Company received $50 million relating to the new agreements, which was primarily recorded in other long-term liabilities on our Consolidated Balance Sheet as of January 29, 2022.