Revenue
$ in Millions

3 Months Ended

Apr. 30, 2022

USD ($)

Revenue from Contract with Customer [Abstract]

Liabilities, Other than Long-term Debt, Noncurrent

$ 60

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 are as follows:

	13 Weeks Ended
($ in millions)	April 30, 2022		May 1, 2021
Store sales (1)	$	2,137	$	2,384
Online sales (2)	1,340		1,607
Total net sales	$	3,477	$	3,991

__________

(1)Store sales primarily include sales made at our Company-operated stores and franchise sales.

(2)Online sales primarily include sales originating from our online channel including those that are picked up or shipped from stores.

Net sales disaggregated by brand and region are as follows:

($ in millions)	Old Navy Global		Gap Global		Banana Republic Global		Athleta Global		Other (2)		Total
13 Weeks Ended April 30, 2022
U.S. (1)	$	1,673	$	497	$	416	$	344	$	3	$	2,933
Canada	147		64		43		9		—		263
Europe	1		54		1		2		—		58
Asia	—		141		16		—		—		157
Other regions	20		35		6		5		—		66
Total	$	1,841	$	791	$	482	$	360	$	3	$	3,477

($ in millions)	Old Navy Global		Gap Global		Banana Republic Global		Athleta Global		Other (3)		Total
13 Weeks Ended May 1, 2021
U.S. (1)	$	2,099	$	556	$	333	$	347	$	89	$	3,424
Canada	159		68		34		—		—		261
Europe	—		69		3		—		—		72
Asia	1		163		16		—		—		180
Other regions	21		30		3		—		—		54
Total	$	2,280	$	886	$	389	$	347	$	89	$	3,991

__________

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

(2)Primarily consists of net sales from revenue generating strategic initiatives.

(3)Primarily consists of net sales for the Intermix brand, which was divested on May 21, 2021. Also includes net sales for the Janie and Jack brand through April 7, 2021.

Deferred Revenue

We defer revenue when cash payments are received in advance of performance for unsatisfied obligations related to our gift cards, licensing agreements, outstanding loyalty points, and reimbursements of loyalty program discounts associated with our credit card agreement. For the 13 weeks ended April 30, 2022, the opening balance of deferred revenue for these obligations was $345 million, of which $127 million was recognized as revenue during the period. The closing balance of deferred revenue for these obligations was $323 million as of April 30, 2022.

For the 13 weeks ended May 1, 2021, the opening balance of deferred revenue for these obligations was $231 million, of which $89 million was recognized as revenue during the period. The closing balance of deferred revenue for these obligations was $222 million as of May 1, 2021.

The increase in the deferred revenue balance as of April 30, 2022 and the revenue recognition during the 13 weeks ended April 30, 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 in July 2021.

In April 2021, 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. As of April 30, 2022, the Company has received $60 million related to the new agreements, which was primarily recorded in other long-term liabilities on our Condensed Consolidated Balance Sheet as of April 30, 2022. Upon program launch, this upfront payment will be recognized as revenue over the term of the agreement.