Revenue (Notes)

12 Months Ended

Feb. 03, 2024

Revenue from Contract with Customer [Abstract]

Revenue from Contract with Customer [Text Block]

Revenue

Disaggregation of Net Sales

We disaggregate our net sales by channel 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; the distribution center or store from which the products were shipped; or the region of the franchise or licensing partner.

Net sales disaggregated by channel for fiscal 2023, 2022, and 2021 are as follows:

	Fiscal Year
($ in millions)	2023		2022		2021
Store and franchise sales	$	9,346	$	9,651	$	10,239
Online sales (1)	5,543		5,965		6,431
Total net sales	$	14,889	$	15,616	$	16,670

__________

(1)Online sales primarily include sales originating from our online channel including those that are picked up or shipped from stores and net sales from revenue-generating strategic initiatives.

Net sales disaggregated by brand and region are as follows:

($ in millions)	Old Navy Global		Gap Global		Banana Republic Global		Athleta Global		Other (3)		Total
Fiscal 2023 (1)
U.S. (2)	$	7,460	$	2,470	$	1,681	$	1,310	$	46	$	12,967
Canada	674		332		170		45		—		1,221
Other regions	69		539		88		5		—		701
Total	$	8,203	$	3,341	$	1,939	$	1,360	$	46	$	14,889
($ in millions)	Old Navy Global		Gap Global		Banana Republic Global		Athleta Global		Other (3)		Total
Fiscal 2022
U.S. (2)	$	7,471	$	2,461	$	1,829	$	1,428	$	12	$	13,201
Canada	679		332		192		33		—		1,236
Other regions	84		981		95		19		—		1,179
Total	$	8,234	$	3,774	$	2,116	$	1,480	$	12	$	15,616
($ in millions)	Old Navy Global		Gap Global		Banana Republic Global		Athleta Global		Other (4)		Total
Fiscal 2021
U.S. (2)	$	8,272	$	2,608	$	1,703	$	1,432	$	102	$	14,117
Canada	713		349		178		12		—		1,252
Other regions	97		1,106		95		3		—		1,301
Total	$	9,082	$	4,063	$	1,976	$	1,447	$	102	$	16,670

__________

(1)Fiscal 2023 includes incremental sales attributable to the 53rd week.

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

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

(4)Primarily consists of net sales for the Intermix and Janie and Jack brands, as well as other revenue-generating strategic initiatives. The divestiture of Janie and Jack was completed on April 8, 2021. The divestiture of Intermix was completed on May 21, 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 fiscal 2023, the opening balance of deferred revenue for these obligations was $354 million, of which $253 million was recognized as revenue during the period. The closing balance of deferred revenue for these obligations was $337 million as of February 3, 2024.

For fiscal 2022, the opening balance of deferred revenue for these obligations was $345 million, of which $241 million was recognized as revenue during the period. The closing balance of deferred revenue for these obligations was $354 million as of January 28, 2023.

In April 2021, the Company entered into agreements with Barclays and Mastercard relating to a new long-term credit card program. In May 2022, the Company launched the new long-term credit card program with Barclays and Mastercard and accordingly, our prior credit card program with Synchrony Financial was discontinued. The Company received an upfront payment of $60 million related to the new agreements prior to the program launch, which is being recognized as revenue over the term of the agreements.