39911--3/27/2009--GAP

related topics

{system, service, information}

{condition, economic, financial}

{product, market, service}

{operation, international, foreign}

{cost, operation, labor}

{loan, real, estate}

{acquisition, growth, future}

{capital, credit, financial}

{financial, litigation, operation}

{stock, price, operating}

The recent changes in general economic conditions, and the impact on consumer confidence and consumer spending, could adversely impact our results of operations. Our business is highly competitive and depends on consumer spending patterns. The market for prime real estate is competitive. We must successfully gauge fashion trends and changing consumer preferences to succeed. We experience fluctuations in our comparable store sales and margins. Changes in our credit profile or further deterioration in market conditions may limit our access to the capital markets. Trade matters may disrupt our supply chain. Updates or changes to our IT systems may disrupt operations. Our IT services agreement with IBM could cause disruptions in our operations and have an adverse effect on our financial results. Our efforts to expand internationally through franchising and similar arrangements may not be successful and could impair the value of our brands. Our products are subject to risks associated with overseas sourcing and manufacturing. Failure of our vendors to adhere to our code of vendor conduct could harm our business. Changes in the regulatory or administrative landscape could adversely affect our financial condition and results of operations.

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39911--3/27/2009--GAP_INC