39911--3/28/2006--GAP

related topics

{system, service, information}

{acquisition, growth, future}

{product, market, service}

{loan, real, estate}

{cost, operation, labor}

{stock, price, operating}

{condition, economic, financial}

We must successfully gauge fashion trends and changing consumer preferences to succeed. Our business is highly competitive and depends on consumer spending patterns. The market for prime real estate is competitive. We experience fluctuations in our comparable store sales and margins. Trade matters and IT systems changes may disrupt our supply chain. We are implementing certain other changes to our IT systems that may disrupt operations. The implementation of our IT services agreement with IBM could cause disruptions in our operations and an adverse effect on our financial results. Our growth is dependent on strategy development. Our efforts to expand internationally through franchising and similar arrangements may not be successful and could impair the value of our brands.

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39911--3/28/2006--GAP_INC