8-K

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)

January 8, 2004

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)

(650) 952-4400

(Registrant’s telephone number, including area code)

N/A

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

Item 5. Other Events and Regulation FD Disclosure.

On January 8, 2004, The Gap, Inc. (the “Company”) issued a press release announcing the Company’s sales for the month ended January 3, 2004. A copy of this press release is attached hereto as Exhibit 99.1.

Item 7. Exhibits.

99.1 Press Release dated January 8, 2004

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:  January 8, 2004	By:	/s/ BYRON H. POLLITT
		Byron H. Pollitt
		Executive Vice President and Chief Financial Officer

EXHIBIT INDEX

Exhibit Number	Description
99.1	Press Release dated January 8, 2004

EX-99.1

Exhibit 99.1

GAP INC. REPORTS DECEMBER SALES UP 2 PERCENT;

COMPARABLE STORE SALES UP 1 PERCENT

SAN FRANCISCO — January 8, 2004 — Gap Inc. (NYSE: GPS) today reported net sales of $2.52 billion for the five-week period ended January 3, 2004, which represents a 2 percent increase compared with net sales of $2.47 billion for the same period ended January 4, 2003. The company’s comparable store sales for December 2003 increased 1 percent, compared with a 5 percent increase in December 2002.

Comparable store sales by division for December 2003 were as follows:

• Gap U.S.: flat versus positive 2 percent last year

• Gap International: negative 3 percent versus positive 3 percent last year

• Banana Republic: positive 10 percent versus positive 4 percent last year

• Old Navy: positive 2 percent versus positive 9 percent last year

“Consistent with national mall traffic trends, traffic was weakest in the first three weeks of the month. However, sales performance strengthened in weeks four and five as customers began shopping and spending just before and right after Christmas,” said Sabrina Simmons, Senior Vice President, Treasury and Investor Relations. “Importantly, throughout the month, our product and markdown strategies drove year-over-year merchandise margin improvement, with better margins at regular price and markdown.”

Year-to-date net sales of $14.9 billion for the 48 weeks ended January 3, 2004, represent an increase of 10 percent over net sales of $13.6 billion for the same period ended January 4, 2003. The company’s year-to-date comparable store sales increased 7 percent compared with a decrease of 4 percent in the prior year.

As of January 3, 2004, Gap Inc. operated 4,194 store concepts compared with 4,286 store concepts last year. The number of stores by location totaled 3,059 compared with 3,149 stores by location last year.

In a separate press release, Gap Inc. today announced that Ivy Ross is joining the company as Executive Vice President, Old Navy Product Design & Development.

Gap Inc. will announce January sales on February 5, 2004.

For more detailed information, please call 800-GAP-NEWS to listen to Gap Inc.’s monthly sales recording. International callers may call 706-634-4421.

Investor Relations:	Media Relations:
Evan Price	Jordan Benjamin
415-427-2161	415-427-4403

Gap Inc. Copyright Information

All recordings made on 800-GAP-NEWS have been recorded on behalf of Gap Inc. and consist of copyrighted material. They may not be re-recorded, reproduced, retransmitted or rebroadcast without Gap Inc.’s express written permission. Your participation represents your consent to these terms and conditions, which are governed under California law.