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1 axie to php Fiscal Third Quarter Total Revenues of $2.160 Billion , Up 15.8% Year Over Year Subscription Revenues of $1.959 Billion , Up 15.8% Year Over Year PLEASANTON, Calif. , Nov. 26, 2024 /PRNewswire/ -- Workday, Inc. (NASDAQ: WDAY), a leading provider of solutions to help organizations manage their people and money , today announced results for the fiscal 2025 third quarter ended October 31, 2024. Fiscal 2025 Third Quarter Results 1 See the section titled "About Non-GAAP Financial Measures" in the accompanying financial tables for further details. Comments on the News "Workday's solid performance in Q3 reflects the trust our customers place in us across industries, the global momentum around our AI-driven innovations, and the strength of our partner ecosystem," said Carl Eschenbach , CEO, Workday. "Organizations are increasingly consolidating on the Workday platform to reduce total cost of ownership, simplify their operations, and to unlock the power of our best-in-class AI solutions. Workday gives them the ultimate advantage – and that positions our business for long-term success." "In Q3, we once again made good progress across a number of our key growth areas," said Zane Rowe , CFO, Workday. "Looking ahead, we expect fiscal 2025 subscription revenue of $7.703 billion , growth of 17%, and fiscal 2025 non-GAAP operating margin of 25.5%. We are focused on executing in our seasonally strongest quarter, as we lay the foundation for durable, profitable growth at scale." Recent Highlights 1 Gartner Magic Quadrant for Cloud HCM Suites for 1,000+ Employee Enterprises, Ranadip Chandra, Sam Grinter, Ron Hanscome, Chris Pang, Anand Chouksey, Josie Xing, Harsh Kundulli, David Bobo, Laura Gardiner, Hiten Sheth, Emi Chiba, Travis Wickesberg, and Michelle Shapiro, 23 October 2024. 2 Gartner Magic Quadrant for Cloud ERP for Service-Centric Enterprises, Robert Anderson, Denis Torii, Sam Grinter, Naveen Mahendra, Tomas Kienast, Johan Jartelius, 4 November 2024. 3 Gartner Magic Quadrant for Financial Planning Software, Regina Crowder, Vaughan Archer, Matthew Mowrey, Michelle Carlsen, 18 November 2024. Financial Outlook Workday is providing guidance for the fiscal 2025 fourth quarter ending January 31, 2025 as follows: Workday is updating its guidance for the fiscal 2025 full year ending January 31, 2025 as follows: 1 The Company has not provided a reconciliation of its forward outlook for non-GAAP operating margin with its forward-looking GAAP operating margin in reliance on the unreasonable efforts exception provided under Item 10(e)(1)(i)(B) of Regulation S-K. The Company is unable to predict with reasonable certainty the amount and timing of adjustments that are used to calculate this non-GAAP financial measure, particularly related to stock-based compensation and its related tax effects, acquisition- related costs, and realignment costs. Earnings Call Details Workday plans to host a conference call today to review its fiscal 2025 third quarter financial results and to discuss its financial outlook. The call is scheduled to begin at 1:30 p.m. PT / 4:30 p.m. ET and can be accessed via webcast . The webcast will be available live, and a replay will be available following completion of the live broadcast for approximately 90 days. Workday uses the Workday Blog as a means of disclosing material non-public information and for complying with its disclosure obligations under Regulation FD. About Workday Workday is a leading enterprise platform that helps organizations manage their most important assets – their people and money . The Workday platform is built with AI at the core to help customers elevate people, supercharge work, and move their business forever forward. Workday is used by more than 10,500 organizations around the world and across industries – from medium-sized businesses to more than 60% of the Fortune 500. For more information about Workday, visit workday.com . © 2024 Workday, Inc. All rights reserved. Evisort, Workday, and the Workday logo are registered trademarks of Workday, Inc. All other brand and product names are trademarks or registered trademarks of their respective holders. Forward-Looking Statements This press release contains forward-looking statements including, among other things, statements regarding Workday's fourth quarter and full-year fiscal 2025 subscription revenue and non-GAAP operating margin, growth, momentum, and innovation. These forward-looking statements are based only on currently available information and our current beliefs, expectations, and assumptions. Because forward-looking statements relate to the future, they are subject to risks, uncertainties, assumptions, and changes in circumstances that are difficult to predict and many of which are outside of our control. If the risks materialize, assumptions prove incorrect, or we experience unexpected changes in circumstances, actual results could differ materially from the results implied by these forward-looking statements, and therefore you should not rely on any forward-looking statements. Risks include, but are not limited to: (i) breaches in our security measures or those of our third-party providers, unauthorized access to our customers' or other users' personal data, or disruptions in our data center or computing infrastructure operations; (ii) service outages, delays in the deployment of our applications, and the failure of our applications to perform properly; (iii) privacy concerns and evolving domestic or foreign laws and regulations; (iv) the impact of continuing global economic and geopolitical volatility on our business, as well as on our customers, prospects, partners, and service providers; (v) any loss of key employees or the inability to attract, train, and retain highly skilled employees; (vi) competitive factors, including pricing pressures, industry consolidation, entry of new competitors and new applications, advancements in technology, and marketing initiatives by our competitors; (vii) our reliance on our network of partners to drive additional growth of our revenues; (viii) the regulatory, economic, and political risks associated with our domestic and international operations; (ix) adoption of our applications and services by customers and individuals, including any new features, enhancements, and modifications, as well as our customers' and users' satisfaction with the deployment, training, and support services they receive; (x) the regulatory risks related to new and evolving technologies such as AI and our ability to realize a return on our development efforts; (xi) our ability to realize the expected business or financial benefits of any acquisitions of or investments in companies; (xii) delays or reductions in information technology spending; and (xiii) changes in sales, which may not be immediately reflected in our results due to our subscription model. Further information on these and additional risks that could affect Workday's results is included in our filings with the Securities and Exchange Commission ("SEC"), including our most recent report on Form 10-Q or Form 10-K and other reports that we have filed and will file with the SEC from time to time, which could cause actual results to vary from expectations. Workday assumes no obligation to, and does not currently intend to, update any such forward-looking statements after the date of this release, except as required by law. Any unreleased services, features, or functions referenced in this document, our website, or other press releases or public statements that are not currently available are subject to change at Workday's discretion and may not be delivered as planned or at all. Customers who purchase Workday services should make their purchase decisions based upon services, features, and functions that are currently available. Workday, Inc. Condensed Consolidated Balance Sheets (in millions) (unaudited) October 31, 2024 January 31, 2024 Assets Current assets: Cash and cash equivalents $ 1,311 $ 2,012 Marketable securities 5,846 5,801 Trade and other receivables, net 1,404 1,639 Deferred costs 244 232 Prepaid expenses and other current assets 273 255 Total current assets 9,078 9,939 Property and equipment, net 1,263 1,234 Operating lease right-of-use assets 335 289 Deferred costs, noncurrent 490 509 Acquisition-related intangible assets, net 383 233 Deferred tax assets 1,031 1,065 Goodwill 3,479 2,846 Other assets 365 337 Total assets $ 16,424 $ 16,452 Liabilities and stockholders' equity Current liabilities: Accounts payable $ 74 $ 78 Accrued expenses and other current liabilities 323 287 Accrued compensation 476 544 Unearned revenue 3,447 4,057 Operating lease liabilities 102 89 Total current liabilities 4,422 5,055 Debt, noncurrent 2,983 2,980 Unearned revenue, noncurrent 64 70 Operating lease liabilities, noncurrent 278 227 Other liabilities 53 38 Total liabilities 7,800 8,370 Stockholders' equity: Common stock 0 0 Additional paid-in capital 11,115 10,400 Treasury stock (1,208) (608) Accumulated other comprehensive income (loss) 16 21 Accumulated deficit (1,299) (1,731) Total stockholders' equity 8,624 8,082 Total liabilities and stockholders' equity $ 16,424 $ 16,452 Workday, Inc. Condensed Consolidated Statements of Operations (in millions, except number of shares which are reflected in thousands and per share data) (unaudited) Three Months Ended October 31, Nine Months Ended October 31, 2024 2023 2024 2023 Revenues: Subscription services $ 1,959 $ 1,691 $ 5,678 $ 4,843 Professional services 201 175 557 494 Total revenues 2,160 1,866 6,235 5,337 Costs and expenses (1) : Costs of subscription services 329 264 924 759 Costs of professional services 201 181 606 552 Product development 647 619 1,952 1,829 Sales and marketing 620 538 1,804 1,581 General and administrative 198 176 609 512 Total costs and expenses 1,995 1,778 5,895 5,233 Operating income (loss) 165 88 340 104 Other income (expense), net 62 41 178 114 Income (loss) before provision for (benefit from) income taxes 227 129 518 218 Provision for (benefit from) income taxes 34 15 86 25 Net income (loss) $ 193 $ 114 $ 432 $ 193 Net income (loss) per share, basic $ 0.73 $ 0.43 $ 1.63 $ 0.74 Net income (loss) per share, diluted $ 0.72 $ 0.43 $ 1.61 $ 0.73 Weighted-average shares used to compute net income (loss) per share, basic 265,411 262,153 265,062 260,747 Weighted-average shares used to compute net income (loss) per share, diluted 268,549 266,377 268,936 264,087 (1) Costs and expenses include share-based compensation expenses as follows: Three Months Ended October 31, Nine Months Ended October 31, 2024 2023 2024 2023 Costs of subscription services $ 35 $ 30 $ 108 $ 90 Costs of professional services 28 29 86 87 Product development 162 162 498 494 Sales and marketing 78 65 226 212 General and administrative 65 63 204 188 Total share-based compensation expenses $ 368 $ 349 $ 1,122 $ 1,071 Workday, Inc. Condensed Consolidated Statements of Cash Flows (in millions) (unaudited) Three Months Ended October 31, Nine Months Ended October 31, 2024 2023 2024 2023 Cash flows from operating activities: Net income (loss) $ 193 $ 114 $ 432 $ 193 Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:VANCOUVER — A Federal Court judge has dismissed an appeal by a "deeply religious" British Columbia health executive who said he was wrongfully denied employment insurance after being fired three years ago for refusing to get the COVID-19 vaccine. Darold Sturgeon was fired as executive director of medical affairs for Interior Health in November 2021 after refusing to get the vaccine based on his Christian beliefs. He applied for employment insurance benefits but was denied due to being fired for "misconduct," with appeals to two levels of the Social Security Tribunal also failing, leading him to seek a judicial review in Federal Court in August 2023. The ruling says Sturgeon believed the tribunal should have examined his assertion under the Charter of Rights and Freedoms that the term "misconduct" did not apply to his case "because he was exercising his freedom of religion." Justice William Pentney says "recent, abundant and unanimous case law" defined a specific and narrow role for the tribunal's appeal divisions, focusing on an employee's conduct, and not justification for and employer’s policies or compliance with the Charter. The ruling says Sturgeon's appeal fell "outside the mandate" of the tribunal and he could have challenged Interior Health's mandatory vaccine police "through other avenues." It said these included advancing a Charter claim, lodging a wrongful dismissal suit or labour grievance, or complaining to the British Columbia Human Rights Commission. The office of the British Columbia Human Rights Commissioner separately clarified that such a complaint would have to be lodged with the British Columbia Human Rights Tribunal. "The point is, there were other avenues available to pursue the Charter question; this decision does not cut off the only avenue of relief," the court's ruling says. It added of Sturgeon, who represented himself, that "no one has doubted that he acted based on his understanding of his religious obligations," and that he had "ably advanced his arguments." "However, despite his sincere and thoughtful arguments, the binding jurisprudence requires that I find against him," the ruling says. This report by The Canadian Press was first published Nov. 26, 2024. Darryl Greer, The Canadian Press

Operating margin of 9.3% improved 270 basis points versus last year Market share gains across all brands in the quarter Raises outlook for fiscal 2024 net sales, gross margin and operating income growth SAN FRANCISCO , Nov. 21, 2024 /PRNewswire/ -- Gap Inc. (NYSE: GAP), the largest specialty apparel company in the U.S. and a house of iconic brands including Old Navy, Gap, Banana Republic, and Athleta, today reported financial results for its third quarter ended November 2, 2024. "I'm proud that Gap Inc. delivered another successful quarter, growing net sales for the 4 th consecutive quarter and gaining market share across all brands while meaningfully expanding operating margin," said President and Chief Executive Officer, Richard Dickson . "Consistent execution of our strategic priorities, including the rigor and repetition we're applying to our brand reinvigoration playbook, is making us a stronger company and demonstrates our continued progress in unlocking Gap Inc.'s full potential." Dickson continued: "Holiday is off to a strong start and we remain focused on executing with excellence in the fourth quarter. Our performance year-to-date gives us the confidence to raise our full year outlook for sales, gross margin and operating income growth." Third Quarter Fiscal 2024 – Financial Results Net sales of $3.8 billion were up 2% compared to last year. Comparable sales were up 1% year-over-year. Due to the 53 rd week in fiscal 2023, in order to maintain consistency, comparable sales for the third quarter of fiscal 2024 are compared to the 13 weeks ended November 4, 2023 . Store sales decreased 2% compared to last year. The company ended the quarter with 3,603 store locations in about 40 countries, of which 2,544 were company operated. Online sales increased 7% compared to last year and represented 40% of total net sales. Gross margin of 42.7% increased 140 basis points versus last year's gross margin. Merchandise margin increased 90 basis points versus last year primarily driven by improved inventory management. Rent, occupancy, and depreciation (ROD) as a percent of sales leveraged 50 basis points versus last year. Operating expense was $1.3 billion . Operating income was $355 million ; operating margin of 9.3%. The effective tax rate was 24%. Net income of $274 million ; diluted earnings per share of $0.72 . Balance Sheet and Cash Flow Highlights Ended the quarter with cash, cash equivalents and short-term investments of $2.2 billion , an increase of 64% from the prior year. Year-to-date net cash from operating activities was $870 million . Year-to-date free cash flow , defined as net cash from operating activities less purchases of property and equipment, was $540 million . Ending inventory of $2.33 billion was down 2% compared to last year. Capital expenditures were $330 million . Paid a third quarter dividend of $0.15 per share, totaling $57 million. The company's Board of Directors approved a fourth quarter fiscal 2024 dividend of $0.15 per share. Additional information regarding free cash flow, which is a non-GAAP financial measure, is provided at the end of this press release along with a reconciliation of this measure from the most directly comparable GAAP financial measure for the applicable period. Third Quarter Fiscal 2024 – Global Brand Results Comparable Sales Old Navy: Third quarter net sales of $2.2 billion were up 1% compared to last year. Comparable sales were flat. The brand's continued focus on operational rigor and brand reinvigoration drove solid performance in the quarter, despite lapping tougher compares and facing weather-related headwinds. Gap: Third quarter net sales of $899 million were up 1% compared to last year. Comparable sales were up 3% representing the fourth consecutive quarter of positive comparable sales at the brand. Gap's strong product and marketing execution have helped drive continued momentum and consistent results at the brand. Banana Republic: Third quarter net sales of $469 million were up 2% compared to last year. Comparable sales were down 1%. The brand saw strength in its men's business during the quarter and remains focused on fixing the fundamentals. Athleta: Third quarter net sales of $290 million were up 4% compared to last year. Comparable sales were up 5%. As expected, the brand returned to positive comparable sales in the quarter as its new product and marketing are resonating with customers. Fiscal 2024 Outlook As a result of its strong third quarter results, the company is raising its full year outlook for net sales, gross margin and operating income growth compared to prior expectations. Please note that the company's projected full year fiscal 2024 operating income growth below is provided in comparison to its full year fiscal 2023 adjusted operating income, which excludes $93 million in restructuring costs and a $47 million gain on sale of a building. Full Year Fiscal 2024 Webcast and Conference Call Information Whitney Notaro , Head of Investor Relations at Gap Inc., will host a conference call to review the company's third quarter fiscal 2024 results beginning at approximately 2:00 p.m. Pacific Time today. Ms. Notaro will be joined by President and Chief Executive Officer, Richard Dickson and Chief Financial Officer, Katrina O'Connell . A live webcast of the conference call and accompanying materials will be available online at investors.gapinc.com . A replay of the webcast will be available at the same location. Non-GAAP Disclosure This press release and related conference call include financial measures that have not been calculated in accordance with U.S. generally accepted accounting principles (GAAP) and are therefore referred to as non-GAAP financial measures. The non-GAAP measures described below are intended to provide investors with additional useful information about the company's financial performance, to enhance the overall understanding of its past performance and future prospects, and to allow for greater transparency with respect to important metrics used by management for financial and operating decision-making. The company presents these non-GAAP financial measures to assist investors in seeing its financial performance from management's view and because it believes they provide an additional tool for investors to use in computing the company's core financial performance over multiple periods with other companies in its industry. Additional information regarding the intended use of non-GAAP measures included in this press release and related conference call is provided in the tables to this press release. The non-GAAP measures included in this press release and related conference call are adjusted operating expense/adjusted SG&A, adjusted operating income, adjusted operating margin, adjusted diluted earnings per share, and free cash flow. These non-GAAP measures exclude the impact of certain items that are set forth in the tables to this press release. In addition, the company's outlook includes projected full year fiscal 2024 operating income growth compared to its full year fiscal 2023 adjusted operating income. The non-GAAP measures used by the company should not be considered as a substitute for, or superior to, measures of financial performance prepared in accordance with GAAP and may not be the same as similarly titled measures used by other companies due to possible differences in method and in items or events being adjusted. The company urges investors to review the reconciliation of non-GAAP financial measures to the most directly comparable GAAP financial measures included in the tables to this press release below, and not to rely on any single financial measure to evaluate its business. The non-GAAP financial measures used by the company have limitations in their usefulness to investors because they have no standardized meaning prescribed by GAAP and are not prepared under any comprehensive set of accounting rules or principles. Forward-Looking Statements This press release and related conference call and accompanying materials contain forward-looking statements within the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. All statements other than those that are purely historical are forward-looking statements. Words such as "expect," "anticipate," "believe," "estimate," "intend," "plan," "project," and similar expressions also identify forward-looking statements. Forward-looking statements include statements regarding the following: becoming a high performing company; unlocking Gap Inc.'s potential; our four strategic priorities, including maintaining and delivering financial and operational rigor, the reinvigoration of our brands, strengthening our operating platform, and energizing our culture; driving relevance and revenue by executing on our brand reinvigoration playbook; expectations for Old Navy for the holiday season; accelerating Old Navy's presence in the Active category; Old Navy's holiday activations and product; reigniting Gap brand's leadership in trend-right products and creative expression through big ideas and culturally relevant messaging; reestablishing Banana Republic to thrive in the premium lifestyle space; evolving Banana Republic's assortment and fit; continuing to fix the fundamentals at Banana Republic; Banana Republic's holiday product; Athleta's trajectory; Athleta's holiday product; enhancing Athleta's in-store and online experiences; driving high-performance across our teams; executing with excellence; Gap Inc.'s positioning going into the holiday season; expectations for our full year performance; expected year-end inventory levels; expected full year fiscal 2024 net sales; the expected impact of the loss of the 53rd week on full year fiscal 2024 net sales; expected fourth quarter fiscal 2024 net sales; the expected impacts of the loss of the 53rd week and the weekly calendar shift on fourth quarter fiscal 2024 net sales; expected full year fiscal 2024 gross margin; the expected impacts of commodity costs and better inventory management on full year fiscal 2024 gross margin; expected full year fiscal 2024 ROD; expected fourth quarter fiscal 2024 gross margin; the expected impact of the loss of the 53rd week on fourth quarter fiscal 2024 gross margin; expected full year fiscal 2024 SG&A/operating expense; continuing cost discipline and unlocking more efficiencies in the business; expected full year fiscal 2024 operating income; expected full year fiscal 2024 effective tax rate; expected full year fiscal 2024 capital expenditures; generating sustainable, profitable growth and delivering long-term shareholder value; and our dividend policy. Because these forward-looking statements involve risks and uncertainties, there are important factors that could cause our actual results to differ materially from those in the forward-looking statements. These factors include, without limitation, the following risks, any of which could have an adverse effect on our business, financial condition, results of operations, or reputation: the overall global economic and geopolitical environment, including the ongoing Russia - Ukraine and Israel-Hamas conflicts and recent elections in the United States , and impacts on consumer spending patterns; social and political unrest in our sourcing countries, including Bangladesh , and disruptions to global trade and shipping capacity, including in the Red Sea; the risk that we or our franchisees may be unsuccessful in gauging apparel trends and changing consumer preferences or responding with sufficient lead time; the highly competitive nature of our business in the United States and internationally; the risk that we may be unable to manage our inventory effectively and the resulting impact on our gross margins and sales; the risk that our investments in customer, digital, and omni-channel shopping initiatives may not deliver the results we anticipate; the risk that we fail to maintain, enhance, and protect our brand image and reputation; the risk of loss or theft of assets, including inventory shortage; the risk that we fail to manage key executive succession and retention or continue to attract qualified personnel; reductions in income and cash flow from our credit card arrangement related to our private label and co-branded credit cards; the risk that changes in our business strategy or restructuring our operations may not generate the intended benefits or projected cost savings; the risk that trade matters could increase the cost or reduce the supply of apparel available to us; the risks to our business, including our costs and global supply chain, associated with global sourcing and manufacturing; the risks to our reputation or operations associated with importing merchandise from foreign countries, including failure of our vendors to adhere to our Code of Vendor Conduct; the risk that we or our franchisees may be unsuccessful in identifying, negotiating, and securing new store locations and renewing, modifying, or terminating leases for existing store locations effectively; engaging in or seeking to engage in strategic transactions that are subject to various risks and uncertainties; the risk that our efforts to expand internationally may not be successful; the risk that our franchisees and licensees could impair the value of our brands; the risk of data or other security breaches or vulnerabilities that may result in increased costs, violations of law, significant legal and financial exposure, and a loss of confidence in our security measures; the risk that failures of, or updates or changes to, our IT systems may disrupt our operations; the risk that our comparable sales and margins may experience fluctuations, that we may fail to meet financial market expectations, or that the seasonality of our business may experience fluctuations; the risk of foreign currency exchange rate fluctuations; the risk that our level of indebtedness may impact our ability to operate and expand our business; the risk that we and our subsidiaries may be unable to meet our obligations under our indebtedness agreements; the risk that changes in our credit profile or deterioration in market conditions may limit our access to the capital markets; natural disasters, public health crises (such as pandemics and epidemics), political crises (such as the ongoing Russia - Ukraine and Israel-Hamas conflicts), negative global climate patterns, or other catastrophic events; evolving regulations and expectations with respect to ESG matters, including climate reporting; the adverse effects of climate change on our operations and those of our franchisees, vendors, and other business partners; our failure to comply with applicable laws and regulations and changes in the regulatory or administrative landscape; the risk that we will not be successful in defending various proceedings, lawsuits, disputes, and claims; the risk that our estimates and assumptions used when preparing our financial information are inaccurate or may change; the risk that changes in the geographic mix and level of income or losses, the expected or actual outcome of audits, changes in deferred tax valuation allowances, and new legislation could impact our effective tax rate, or that we may be required to pay amounts in excess of established tax liabilities; the risk that changes in our business structure, our performance or our industry could result in reductions in our pre-tax income or utilization of existing tax carryforwards in future periods, and require additional deferred tax valuation allowances; the risk that the adoption of new accounting pronouncements will impact future results; and the risk that additional information may arise during our close process or as a result of subsequent events that would require us to make adjustments to our financial information. Additional information regarding factors that could cause results to differ can be found in our Annual Report on Form 10-K filed with the Securities and Exchange Commission on March 19, 2024 , as well as our subsequent filings with the Securities and Exchange Commission. These forward-looking statements are based on information as of November 21, 2024 . We assume no obligation to publicly update or revise our forward-looking statements even if experience or future changes make it clear that any projected results expressed or implied therein will not be realized. About Gap Inc. Gap Inc., a house of iconic brands, is the largest specialty apparel company in America. Its Old Navy , Gap , Banana Republic , and Athleta brands offer clothing, accessories, and lifestyle products for men, women and children. Since 1969, Gap Inc. has created products and experiences that shape culture, while doing right by employees, communities and the planet. Gap Inc. products are available worldwide through company-operated stores, franchise stores, and e-commerce sites. Fiscal year 2023 net sales were $14.9 billion . For more information, please visit www.gapinc.com . Investor Relations Contact: Nina Bari Investor_relations@gap.com Media Relations Contact: Megan Foote Press@gap.com

Supermarket giant to rival Aldi after slashing price of 222 products at smaller convenience stores across UKWorkday Announces Fiscal 2025 Third Quarter Financial Results

Montreal Canadiens (8-11-3, in the Atlantic Division) vs. New York Rangers (12-9-1, in the Metropolitan Division) Read this article for free: Already have an account? To continue reading, please subscribe: * Montreal Canadiens (8-11-3, in the Atlantic Division) vs. New York Rangers (12-9-1, in the Metropolitan Division) Read unlimited articles for free today: Already have an account? Montreal Canadiens (8-11-3, in the Atlantic Division) vs. New York Rangers (12-9-1, in the Metropolitan Division) New York; Saturday, 1 p.m. EST BETMGM SPORTSBOOK LINE: Rangers -206, Canadiens +170; over/under is 6.5 BOTTOM LINE: The New York Rangers host the Montreal Canadiens after the Canadiens knocked off the Columbus Blue Jackets 4-3 in overtime. New York has a 12-9-1 record overall and a 5-4-1 record on its home ice. The Rangers are 5-2-1 in games they score one or more power-play goals. Montreal has a 3-6-1 record on the road and an 8-11-3 record overall. The Canadiens serve 10.6 penalty minutes per game to rank eighth in league play. The teams square off Saturday for the second time this season. The Rangers won the last meeting 7-2. TOP PERFORMERS: Artemi Panarin has 12 goals and 13 assists for the Rangers. Will Cuylle has five goals and five assists over the last 10 games. Cole Caufield has 13 goals and five assists for the Canadiens. Nicholas Suzuki has scored four goals and added three assists over the last 10 games. LAST 10 GAMES: Rangers: 4-6-0, averaging 2.6 goals, 4.7 assists, 2.9 penalties and 5.8 penalty minutes while giving up 2.9 goals per game. Canadiens: 4-4-2, averaging 2.9 goals, 4.6 assists, 3.9 penalties and 9.4 penalty minutes while giving up 3.1 goals per game. INJURIES: Rangers: None listed. Canadiens: None listed. ___ The Associated Press created this story using technology provided by Data Skrive and data from Sportradar. Advertisement

Man City blow 3-0 lead to extend winless run in Feyenoord thrillerNutanix Reports First Quarter Fiscal 2025 Financial ResultsWASHINGTON - Donald Trump threatened the United States’s closest neighbours with big tariffs this week, in a move that has reminded many of the unpredictable tactics the president-elect deployed during his first tenure in the White House. Trump said Monday he would use an executive order to impose 25 per cent tariffs on all goods coming from Canada and Mexico until the two countries stop drugs and migrants from illegally crossing the U.S. border. The announcement, made on Truth Social, brought swift responses from officials and industry in both countries who are bracing for chaos during Trump’s second tenure. He has long used the threat of import taxes to pressure other countries to do his bidding, saying this summer that “the most beautiful word in the dictionary is ‘tariff.’” It’s unlikely the move would violate the Canada-U.S.-Mexico Agreement, which was negotiated during the first Trump administration. Laura Dawson, an expert on Canada-U. S. relations and the executive director of the Future Borders Coalition, said the president can impose tariffs under his national security powers. This type of duty has a time limit and can only be made permanent through Congressional approval, but for Trump, national security powers are like a “get out of jail free card,” Dawson said. “This is exactly what happened in the last Trump administration,” Dawson said. “Everyone said, ‘Well, that is ridiculous. Canada is the U.S.‘s best security partner. What do you mean our steel and aluminum imports are somehow a source of insecurity?’” But within the global trade system, she said, no country challenges another’s right to define their own national security imperatives. Trump’s first administration demonstrated how vulnerable Canada is to America’s whims when the former president scrapped the North American Free Trade Agreement. The U.S. is Canada’s closest neighbour and largest trading partner. More than 77 per cent of Canadian exports go to the U.S. Negotiation of CUSMA, commonly dubbed “the new NAFTA,” was a key test for Ottawa following Trump’s first victory. The trilateral agreement is up for review in 2026 and experts suspect this week’s tariff announcement is a negotiating tactic. Scott Bessent, Trump’s pick for treasury secretary, said in a recent op-ed that tariffs are “a useful tool for achieving the president’s foreign policy objectives.” “Whether it is getting allies to spend more on their own defence, opening foreign markets to U.S. exports, securing co-operation on ending illegal immigration and interdicting fentanyl trafficking, or deterring military aggression, tariffs can play a central role.” During the initial CUSMA negotiations in 2018, Trump floated the idea of a 25 per cent tariff on the Canadian auto sector — something that would have been crippling for the industry on both sides of the border. It was never implemented. At the time, he did use his national security powers to impose a 25 per cent tariff on steel and 10 per cent tariff on aluminum imports, casting fear of an all-out trade war that would threaten the global economy. The day after announcing those levies, Trump posted on social media “trade wars are good, and easy to win.” Former U.S. trade representative Robert Lighthizer recounted in his book that the duties sent an “unmistakable signal that business as usual was over.” “The Trump administration was willing to ruffle diplomatic feathers to advance its trade agenda.” It led to a legendary clash between Prime Minister Justin Trudeau and Trump at the G7 in Quebec. Trudeau said Canada would impose retaliatory measures, saying the argument that tariffs on steel and aluminum were a matter of national security was “kind of insulting.” Trump took to social media, where, in a flurry of posts he called Trudeau “very dishonest and weak.” Canada and other countries brought their own duties against the U.S. in response. They targeted products for political, rather than economic, reasons. Canada hit yogurt with a 10 per cent duty. Most of the product impacted came from one plant in Wisconsin, the home state of then-Republican House Speaker Paul Ryan. The European Union, Mexico and Canada all targeted U.S. whiskey products with tariffs, in a clear signal to then Republican Senate Majority Leader Mitch McConnell and his home state of Kentucky’s bourbon industry. Ultimately, Canada and Mexico were able to negotiate exemptions. Carlo Dade, the director of trade and trade infrastructure at the Canada West Foundation, said Trump is returning to the White House with more experience and a plan. But he suspects Americans will not like the blow to their bank accounts. Trump’s new across-the-board tariff strategy would not only disrupt global supply chains, it would also cause a major shakeup to the American economy. It’s unclear if Trump will go through with them, or for how long, after campaigning on making life more affordable and increasing the energy market. “I think it will be short-term,” Dade said. “The U.S. can only inflict damage on itself for so long.” This report by The Canadian Press was first published Nov. 26, 2024. — With files from The Associated PressGOP Rep: I’ll sit back and watch what Trump does on tariffs

Three-Year Term Extension Combined with Simplification and Reduction of Interest Rates Helps Further Strengthen Company’s Balance Sheet and Overall Financial Position Builds Upon Other Recent Strategic Financial Activities, including $24.3 Million PIPE Financing Company Continues to Build Strong Foundation for Execution of Growth Strategy; Highlighted by Strengthened Leadership, Improved Financial Position, Enhanced Capabilities, and Expanded Capacity CHASKA, Minn., Nov. 26, 2024 (GLOBE NEWSWIRE) -- Lifecore Biomedical, Inc. (NASDAQ: LFCR ) (“Lifecore”), a fully integrated contract development and manufacturing organization (“CDMO”), today announced that it has entered in an agreement with BMO, a leading provider of global investment and corporate banking services and one of North America’s largest banks, which amends and extends the terms of Lifecore’s existing asset-based lending (“ABL”) revolving credit facility entered into between Lifecore and BMO in December 2020. The amendment extends the term of the facility by three years to November 2027, as well as simplifying and reducing the interest rates, and providing flexibility for Lifecore as it relates to certain covenants and reporting requirements. “BMO is a highly regarded global provider of corporate banking services and has been a trusted partner to Lifecore for more than 10 years. The willingness of the BMO team to extend and amend our existing revolving credit facility with advantageous terms demonstrates the bank’s confidence in our current business, as well as our ability to execute on our go-forward growth strategy,” said Ryan Lake, chief financial officer of Lifecore. “This ABL amendment is the latest positive strategic financial action executed by Lifecore, following our recent successful raising of $24.3 million in a private placement of Lifecore common stock. Together, these activities have significantly improved our balance sheet and overall financial position, providing a strong foundation for future growth.” In recent months, Lifecore has also successfully executed a variety of operational and new business initiatives designed to reshape the company and best position it for continued growth in the rapidly expanding CDMO market. These have included key management team appointments, including CEO and CFO, expansion of manufacturing capabilities and capacity through the installation and qualification of its high-speed, multi-purpose 5-head isolator filler, and the signing of several new customers, highlighted by its high-profile agreement with Lindy Biosciences. About Lifecore Biomedical Lifecore Biomedical, Inc. (Nasdaq: LFCR ) is a fully integrated contract development and manufacturing organization (CDMO) that offers highly differentiated capabilities in the development, fill and finish of sterile injectable pharmaceutical products in syringes, vials, and cartridges, including complex formulations. As a leading manufacturer of premium, injectable-grade hyaluronic acid, Lifecore brings more than 40 years of expertise as a partner for global and emerging biopharmaceutical and biotechnology companies across multiple therapeutic categories to bring their innovations to market. For more information about the company, visit Lifecore’s website at www.lifecore.com . Important Cautions Regarding Forward-Looking Statements This press release contains forward-looking statements regarding future events and our future results that are subject to the safe harbor created under the Private Securities Litigation Reform Act of 1995 and other safe harbors under the Securities Act of 1933 and the Securities Exchange Act of 1934. Words such as “anticipate”, “estimate”, “expect”, “project”, “plan”, “intend”, “believe”, “may”, “might”, “will”, “should”, “can have”, “likely” and similar expressions are used to identify forward-looking statements. In addition, all statements regarding our anticipated future operating and financial expectations, customer opportunities and relationships are forward-looking statements. All forward-looking statements involve certain risks and uncertainties that could cause actual results to differ materially, including such factors among others, as the company’s ability to successfully enact its business strategies, including with respect to installation, capacity generation and its ability to attract demand for its services, and its ability expand its relationship with its existing customers or attract new customers; the impact of inflation on Lifecore’s business and financial condition; changes in business conditions and general economic conditions both domestically and globally, including rising interest rates and fluctuation in foreign currency exchange rates; Lifecore’s ability to access sufficient capital to fund its business strategies; and other risk factors set forth from time to time in Lifecore’s SEC filings, including, but not limited to, the Annual Report on Form 10-K for the year ended May 26, 2024 (the “2024 10-K”). For additional information about factors that could cause actual results to differ materially from those described in the forward-looking statements, please refer to our filings with the Securities and Exchange Commission, including the risk factors contained in the 2024 10-K. Forward-looking statements represent management’s current expectations as of the date hereof and are inherently uncertain. Except as required by law, we do not undertake any obligation to update forward-looking statements made by us to reflect subsequent events or circumstances. Lifecore Biomedical, Inc. Contact Information: Vida Strategic Partners Stephanie Diaz (Investors) 415-675-7401 sdiaz@vidasp.com Tim Brons (Media) 415-675-7402 tbrons@vidasp.com Ryan D. Lake (CFO) Lifecore Biomedical 952-368-6244 ryan.lake@lifecore.comJonah Goldberg Among elites across the ideological spectrum, there's one point of unifying agreement: Americans are bitterly divided. What if that's wrong? What if elites are the ones who are bitterly divided while most Americans are fairly unified? History rarely lines up perfectly with the calendar (the "sixties" didn't really start until the decade was almost over). But politically, the 21st century neatly began in 2000, when the election ended in a tie and the color coding of electoral maps became enshrined as a kind of permanent tribal color war of "red vs. blue." Elite understanding of politics has been stuck in this framework ever since. Politicians and voters have leaned into this alleged political reality, making it seem all the more real in the process. I loathe the phrase "perception is reality," but in politics it has the reifying power of self-fulfilling prophecy. Like rival noble families in medieval Europe, elites have been vying for power and dominance on the arrogant assumption that their subjects share their concern for who rules rather than what the rulers can deliver. Political cartoonists from across country draw up something special for the holiday In 2018, the group More in Common published a massive report on the "hidden tribes" of American politics. The wealthiest and whitest groups were "devoted conservatives" (6%) and "progressive activists" (8%). These tribes dominate the media, the parties and higher education, and they dictate the competing narratives of red vs. blue, particularly on cable news and social media. Meanwhile, the overwhelming majority of Americans resided in, or were adjacent to, the "exhausted majority." These people, however, "have no narrative," as David Brooks wrote at the time. "They have no coherent philosophic worldview to organize their thinking and compel action." Lacking a narrative might seem like a very postmodern problem, but in a postmodern elite culture, postmodern problems are real problems. It's worth noting that red vs. blue America didn't emerge ex nihilo. The 1990s were a time when the economy and government seemed to be working, at home and abroad. As a result, elites leaned into the narcissism of small differences to gain political and cultural advantage. They remain obsessed with competing, often apocalyptic, narratives. That leaves out most Americans. The gladiatorial combatants of cable news, editorial pages and academia, and their superfan spectators, can afford these fights. Members of the exhausted majority are more interested in mere competence. I think that's the hidden unity elites are missing. This is why we keep throwing incumbent parties out of power: They get elected promising competence but get derailed -- or seduced -- by fan service to, or trolling of, the elites who dominate the national conversation. There's a difference between competence and expertise. One of the most profound political changes in recent years has been the separation of notions of credentialed expertise from real-world competence. This isn't a new theme in American life, but the pandemic and the lurch toward identity politics amplified distrust of experts in unprecedented ways. This is a particular problem for the left because it is far more invested in credentialism than the right. Indeed, some progressives are suddenly realizing they invested too much in the authority of experts and too little in the ability of experts to provide what people want from government, such as affordable housing, decent education and low crime. The New York Times' Ezra Klein says he's tired of defending the authority of government institutions. Rather, "I want them to work." One of the reasons progressives find Trump so offensive is his absolute inability to speak the language of expertise -- which is full of coded elite shibboleths. But Trump veritably shouts the language of competence. I don't mean he is actually competent at governing. But he is effectively blunt about calling leaders, experts and elites -- of both parties -- stupid, ineffective, weak and incompetent. He lost in 2020 because voters didn't believe he was actually good at governing. He won in 2024 because the exhausted majority concluded the Biden administration was bad at it. Nostalgia for the low-inflation pre-pandemic economy was enough to convince voters that Trumpian drama is the tolerable price to pay for a good economy. About 3 out of 4 Americans who experienced "severe hardship" because of inflation voted for Trump. The genius of Trump's most effective ad -- "Kamala is for they/them, President Trump is for you" -- was that it was simultaneously culture-war red meat and an argument that Harris was more concerned about boutique elite concerns than everyday ones. If Trump can actually deliver competent government, he could make the Republican Party the majority party for a generation. For myriad reasons, that's an if so big it's visible from space. But the opportunity is there -- and has been there all along. Goldberg is editor-in-chief of The Dispatch: thedispatch.com . Catch the latest in Opinion Get opinion pieces, letters and editorials sent directly to your inbox weekly!

Advocates calling for action to help lower child poverty rates in ManitobaLevis throws 2 TD passes to help Titans outlast Texans 32-27

MILWAUKEE (AP) — Jamichael Stillwell had 22 points in Milwaukee's 69-65 win over St. Thomas on Sunday. Stillwell added eight rebounds for the Panthers (5-2). Aaron Franklin had 15 points and eight rebounds. AJ McKee added nine points. Drake Dobbs led the way for the Tommies (4-4) with 16 points and five assists. Kendall Blue added 11 points and Miles Barnstable scored 10 with two steals. The Associated Press created this story using technology provided by Data Skrive and data from Sportradar .Jonah Goldberg: What if most Americans aren't bitterly divided?Adams' 25 help CSU Northridge down Utah Tech 89-79

The Detroit Lions got another nice win over the Colts on the road on Sunday, but it came at a cost. Four key players left the game with injuries. Taylor Decker, Kalif Raymond, Carlton Davis and David Montgomery. Decker suffered a lower leg injury in in the second half when Jared Goff got pushed into the back of his legs. Decker came out of the game and then got put back in, but he was removed again later int he game. It's the next day you have to worry about with him. The adrenaline is gone and now you wonder what's next for him. Davis suffered a non-contact knee injury. He was questionable to return, but never did. Montgomery hurt his shoulder and went tot he locker room, but did come back out with his helmet and shoulder pads on. Raymond hurt his foot on a return and missed the rest of the game. Lions head coach Dan Campbell gave an update on the injuries after the game. There was some positivity, but still some scariness looming. "You know so much of this, you know, I'm not going to know. The four, you know, obviously, Leaf and David Montgomery. Decker was able to come back out, but then we pulled him again late. Carlton, I don't know. I feel okay about three of those guys. Leaf could be a little bit more serious. But even with that, that doesn't mean any of those guys are gonna be ready for Thursday, so I just don't know." It sounds like Campbell feels good about Montgomery, Davis and Decker, but Raymond's might be more serious. We're going to see here pretty quick. The Lions will be back at it on Monday and we'll update this story then. This article first appeared on A to Z Sports and was syndicated with permission.

Jordan Sears scores 25 points, Jalen Reed has double-double and LSU outlasts UCF 109-102 in 3OT

'Sikandar' teaser Twitter reactions: Salman Khan’s ‘mass bonanza’ takes internet by stormGap Inc. Reports Third Quarter Fiscal 2024 Results, Raises Full Year OutlookTrump's tariff threat a grim reminder of turbulent trade in first administration

Wicked star Marissa Bode has slammed jokes about her character's disability in the movie . The actress, who uses a wheelchair just like her character Nessarose, told in a TikTok video that she is ''deeply uncomfortable'' about jokes made by social media users about her character. Bode, who has reportedly made $250,000 for her role in the Wizard of Oz spin-off, said she doesn't mind people poking fun at Nessarose’s future, fate and personality, because that’s all based in fiction, but not her disability - because that is ''real''. Bode, who has been a wheelchair user since the age of 11 after she was paralyzed in a car accident, explained: “At the end of the day, me, Marissa, is the person that is still disabled and in a wheelchair.And so it is simply a low-hanging fruit that too many of you are comfortable taking.” Wicked Director Jon M. Chu's strange request for fans in theater left them appalled Wicked movie makes history breaking coveted record for a Broadway musical adaptation Bode said when non-disabled strangers make jokes where the punchline is about not being able to walk, using phrases like “stand up for yourself” or “I guess you can’t stand him”, it feels like “laughing at rather than laughing with.'' Bode also pointed out that “aggressive” comments about wanting to push Nessarose out of her wheelchair or saying that she deserves her disability are “very gross and harmful” things which have been said to her and other disabled people in real life. She also told she is aware of disabled creators who have had to take breaks from the internet after being “flooded with ableist comments”, before being told that they are complaining or asking for too much if they call out the remarks. Bode said while jokes about disability “made out of ignorance” don’t affect her as much as they once would have, she’s worried they may hurt other disabled. She said: “One of the major themes within Wicked is having the ability to listen and to understand one another. And I truly hope that is something a lot of you can practice more and take with you.” In the caption to her clip, Bode encouraged people to “dissect and unlearn” their ableism, follow more disabled people, and learn about the disability rights movement. She said: “I understand no one likes feeling like they’re being scolded. But true progress never comes with comfort. And that’s ok.” Bode is the very first actress who uses a wheelchair to play Nessarose. The actress previously told Variety, she thought she’d failed her Wicked audition and to stop herself from worrying about not landing the role she made a short film about witches and magic. She said the film was about “turning your bad luck into good luck”, and it saw her create a little spell that promised she would soon be given good news.. Bode said she may have accidentally created a real spell, because two days later, she was told she got the role. Click here to follow the Mirror US on Google News to stay up to date with all the latest news, sport and entertainment stories. DAILY NEWSLETTER: Sign up here to get the latest news and updates from the Mirror US straight to your inbox with our FREE newsletter.

NoneNet sales increased 2% versus last year with comparable sales up 1% Operating margin of 9.3% improved 270 basis points versus last year Market share gains across all brands in the quarter Raises outlook for fiscal 2024 net sales, gross margin and operating income growth SAN FRANCISCO , Nov. 21, 2024 /PRNewswire/ -- Gap Inc. GAP , the largest specialty apparel company in the U.S. and a house of iconic brands including Old Navy, Gap, Banana Republic, and Athleta, today reported financial results for its third quarter ended November 2, 2024. "I'm proud that Gap Inc. delivered another successful quarter, growing net sales for the 4 th consecutive quarter and gaining market share across all brands while meaningfully expanding operating margin," said President and Chief Executive Officer, Richard Dickson . "Consistent execution of our strategic priorities, including the rigor and repetition we're applying to our brand reinvigoration playbook, is making us a stronger company and demonstrates our continued progress in unlocking Gap Inc.'s full potential." Dickson continued: "Holiday is off to a strong start and we remain focused on executing with excellence in the fourth quarter. Our performance year-to-date gives us the confidence to raise our full year outlook for sales, gross margin and operating income growth." Third Quarter Fiscal 2024 – Financial Results Net sales of $3.8 billion were up 2% compared to last year. Comparable sales were up 1% year-over-year. Due to the 53 rd week in fiscal 2023, in order to maintain consistency, comparable sales for the third quarter of fiscal 2024 are compared to the 13 weeks ended November 4, 2023 . Store sales decreased 2% compared to last year. The company ended the quarter with 3,603 store locations in about 40 countries, of which 2,544 were company operated. Online sales increased 7% compared to last year and represented 40% of total net sales. Gross margin of 42.7% increased 140 basis points versus last year's gross margin. Merchandise margin increased 90 basis points versus last year primarily driven by improved inventory management. Rent, occupancy, and depreciation (ROD) as a percent of sales leveraged 50 basis points versus last year. Operating expense was $1.3 billion . Operating income was $355 million ; operating margin of 9.3%. The effective tax rate was 24%. Net income of $274 million ; diluted earnings per share of $0.72 . Balance Sheet and Cash Flow Highlights Ended the quarter with cash, cash equivalents and short-term investments of $2.2 billion , an increase of 64% from the prior year. Year-to-date net cash from operating activities was $870 million . Year-to-date free cash flow , defined as net cash from operating activities less purchases of property and equipment, was $540 million . Ending inventory of $2.33 billion was down 2% compared to last year. Capital expenditures were $330 million . Paid a third quarter dividend of $0.15 per share, totaling $57 million. The company's Board of Directors approved a fourth quarter fiscal 2024 dividend of $0.15 per share. Additional information regarding free cash flow, which is a non-GAAP financial measure, is provided at the end of this press release along with a reconciliation of this measure from the most directly comparable GAAP financial measure for the applicable period. Third Quarter Fiscal 2024 – Global Brand Results Comparable Sales Third Quarter 2024 2023 Old Navy — % 1 % Gap 3 % (1) % Banana Republic (1) % (8) % Athleta 5 % (19) % Gap Inc. 1 % (2) % Old Navy: Third quarter net sales of $2.2 billion were up 1% compared to last year. Comparable sales were flat. The brand's continued focus on operational rigor and brand reinvigoration drove solid performance in the quarter, despite lapping tougher compares and facing weather-related headwinds. Gap: Third quarter net sales of $899 million were up 1% compared to last year. Comparable sales were up 3% representing the fourth consecutive quarter of positive comparable sales at the brand. Gap's strong product and marketing execution have helped drive continued momentum and consistent results at the brand. Banana Republic: Third quarter net sales of $469 million were up 2% compared to last year. Comparable sales were down 1%. The brand saw strength in its men's business during the quarter and remains focused on fixing the fundamentals. Athleta: Third quarter net sales of $290 million were up 4% compared to last year. Comparable sales were up 5%. As expected, the brand returned to positive comparable sales in the quarter as its new product and marketing are resonating with customers. Fiscal 2024 Outlook As a result of its strong third quarter results, the company is raising its full year outlook for net sales, gross margin and operating income growth compared to prior expectations. Please note that the company's projected full year fiscal 2024 operating income growth below is provided in comparison to its full year fiscal 2023 adjusted operating income, which excludes $93 million in restructuring costs and a $47 million gain on sale of a building. Full Year Fiscal 2024 Current FY24 Outlook Prior FY24 Outlook FY23 Results Net sales Up 1.5% to 2.0% on a 52-week basis Up slightly on a 52-week basis $14.9 billion 1 Gross margin Approximately 220 bps expansion Approximately 200 bps expansion 38.8 % Operating expense Approximately $5.1 billion Approximately $5.1 billion $5.17 billion (adjusted) 2 Operating income Mid to High 60% growth range Mid to High 50% growth range $606 million (adjusted) 3 Effective tax rate Approximately 26.5% Approximately 28% 9.7 % Capital expenditures Approximately $500 million Approximately $500 million $420 million 1 Fiscal year 2023 consisted of 53 weeks and the extra week drove approximately $160 million of incremental sales. 2 Fiscal year 2023 adjusted operating expense of $5.17 billion excludes $89 million in restructuring costs and a $47 million gain on sale. 3 Fiscal year 2023 adjusted operating income of $606 million excludes $93 million in restructuring costs and a $47 million gain on sale. Webcast and Conference Call Information Whitney Notaro , Head of Investor Relations at Gap Inc., will host a conference call to review the company's third quarter fiscal 2024 results beginning at approximately 2:00 p.m. Pacific Time today. Ms. Notaro will be joined by President and Chief Executive Officer, Richard Dickson and Chief Financial Officer, Katrina O'Connell . A live webcast of the conference call and accompanying materials will be available online at investors.gapinc.com . A replay of the webcast will be available at the same location. Non-GAAP Disclosure This press release and related conference call include financial measures that have not been calculated in accordance with U.S. generally accepted accounting principles (GAAP) and are therefore referred to as non-GAAP financial measures. The non-GAAP measures described below are intended to provide investors with additional useful information about the company's financial performance, to enhance the overall understanding of its past performance and future prospects, and to allow for greater transparency with respect to important metrics used by management for financial and operating decision-making. The company presents these non-GAAP financial measures to assist investors in seeing its financial performance from management's view and because it believes they provide an additional tool for investors to use in computing the company's core financial performance over multiple periods with other companies in its industry. Additional information regarding the intended use of non-GAAP measures included in this press release and related conference call is provided in the tables to this press release. The non-GAAP measures included in this press release and related conference call are adjusted operating expense/adjusted SG&A, adjusted operating income, adjusted operating margin, adjusted diluted earnings per share, and free cash flow. These non-GAAP measures exclude the impact of certain items that are set forth in the tables to this press release. In addition, the company's outlook includes projected full year fiscal 2024 operating income growth compared to its full year fiscal 2023 adjusted operating income. The non-GAAP measures used by the company should not be considered as a substitute for, or superior to, measures of financial performance prepared in accordance with GAAP and may not be the same as similarly titled measures used by other companies due to possible differences in method and in items or events being adjusted. The company urges investors to review the reconciliation of non-GAAP financial measures to the most directly comparable GAAP financial measures included in the tables to this press release below, and not to rely on any single financial measure to evaluate its business. The non-GAAP financial measures used by the company have limitations in their usefulness to investors because they have no standardized meaning prescribed by GAAP and are not prepared under any comprehensive set of accounting rules or principles. Forward-Looking Statements This press release and related conference call and accompanying materials contain forward-looking statements within the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. All statements other than those that are purely historical are forward-looking statements. Words such as "expect," "anticipate," "believe," "estimate," "intend," "plan," "project," and similar expressions also identify forward-looking statements. Forward-looking statements include statements regarding the following: becoming a high performing company; unlocking Gap Inc.'s potential; our four strategic priorities, including maintaining and delivering financial and operational rigor, the reinvigoration of our brands, strengthening our operating platform, and energizing our culture; driving relevance and revenue by executing on our brand reinvigoration playbook; expectations for Old Navy for the holiday season; accelerating Old Navy's presence in the Active category; Old Navy's holiday activations and product; reigniting Gap brand's leadership in trend-right products and creative expression through big ideas and culturally relevant messaging; reestablishing Banana Republic to thrive in the premium lifestyle space; evolving Banana Republic's assortment and fit; continuing to fix the fundamentals at Banana Republic; Banana Republic's holiday product; Athleta's trajectory; Athleta's holiday product; enhancing Athleta's in-store and online experiences; driving high-performance across our teams; executing with excellence; Gap Inc.'s positioning going into the holiday season; expectations for our full year performance; expected year-end inventory levels; expected full year fiscal 2024 net sales; the expected impact of the loss of the 53rd week on full year fiscal 2024 net sales; expected fourth quarter fiscal 2024 net sales; the expected impacts of the loss of the 53rd week and the weekly calendar shift on fourth quarter fiscal 2024 net sales; expected full year fiscal 2024 gross margin; the expected impacts of commodity costs and better inventory management on full year fiscal 2024 gross margin; expected full year fiscal 2024 ROD; expected fourth quarter fiscal 2024 gross margin; the expected impact of the loss of the 53rd week on fourth quarter fiscal 2024 gross margin; expected full year fiscal 2024 SG&A/operating expense; continuing cost discipline and unlocking more efficiencies in the business; expected full year fiscal 2024 operating income; expected full year fiscal 2024 effective tax rate; expected full year fiscal 2024 capital expenditures; generating sustainable, profitable growth and delivering long-term shareholder value; and our dividend policy. Because these forward-looking statements involve risks and uncertainties, there are important factors that could cause our actual results to differ materially from those in the forward-looking statements. These factors include, without limitation, the following risks, any of which could have an adverse effect on our business, financial condition, results of operations, or reputation: the overall global economic and geopolitical environment, including the ongoing Russia - Ukraine and Israel-Hamas conflicts and recent elections in the United States , and impacts on consumer spending patterns; social and political unrest in our sourcing countries, including Bangladesh , and disruptions to global trade and shipping capacity, including in the Red Sea; the risk that we or our franchisees may be unsuccessful in gauging apparel trends and changing consumer preferences or responding with sufficient lead time; the highly competitive nature of our business in the United States and internationally; the risk that we may be unable to manage our inventory effectively and the resulting impact on our gross margins and sales; the risk that our investments in customer, digital, and omni-channel shopping initiatives may not deliver the results we anticipate; the risk that we fail to maintain, enhance, and protect our brand image and reputation; the risk of loss or theft of assets, including inventory shortage; the risk that we fail to manage key executive succession and retention or continue to attract qualified personnel; reductions in income and cash flow from our credit card arrangement related to our private label and co-branded credit cards; the risk that changes in our business strategy or restructuring our operations may not generate the intended benefits or projected cost savings; the risk that trade matters could increase the cost or reduce the supply of apparel available to us; the risks to our business, including our costs and global supply chain, associated with global sourcing and manufacturing; the risks to our reputation or operations associated with importing merchandise from foreign countries, including failure of our vendors to adhere to our Code of Vendor Conduct; the risk that we or our franchisees may be unsuccessful in identifying, negotiating, and securing new store locations and renewing, modifying, or terminating leases for existing store locations effectively; engaging in or seeking to engage in strategic transactions that are subject to various risks and uncertainties; the risk that our efforts to expand internationally may not be successful; the risk that our franchisees and licensees could impair the value of our brands; the risk of data or other security breaches or vulnerabilities that may result in increased costs, violations of law, significant legal and financial exposure, and a loss of confidence in our security measures; the risk that failures of, or updates or changes to, our IT systems may disrupt our operations; the risk that our comparable sales and margins may experience fluctuations, that we may fail to meet financial market expectations, or that the seasonality of our business may experience fluctuations; the risk of foreign currency exchange rate fluctuations; the risk that our level of indebtedness may impact our ability to operate and expand our business; the risk that we and our subsidiaries may be unable to meet our obligations under our indebtedness agreements; the risk that changes in our credit profile or deterioration in market conditions may limit our access to the capital markets; natural disasters, public health crises (such as pandemics and epidemics), political crises (such as the ongoing Russia - Ukraine and Israel-Hamas conflicts), negative global climate patterns, or other catastrophic events; evolving regulations and expectations with respect to ESG matters, including climate reporting; the adverse effects of climate change on our operations and those of our franchisees, vendors, and other business partners; our failure to comply with applicable laws and regulations and changes in the regulatory or administrative landscape; the risk that we will not be successful in defending various proceedings, lawsuits, disputes, and claims; the risk that our estimates and assumptions used when preparing our financial information are inaccurate or may change; the risk that changes in the geographic mix and level of income or losses, the expected or actual outcome of audits, changes in deferred tax valuation allowances, and new legislation could impact our effective tax rate, or that we may be required to pay amounts in excess of established tax liabilities; the risk that changes in our business structure, our performance or our industry could result in reductions in our pre-tax income or utilization of existing tax carryforwards in future periods, and require additional deferred tax valuation allowances; the risk that the adoption of new accounting pronouncements will impact future results; and the risk that additional information may arise during our close process or as a result of subsequent events that would require us to make adjustments to our financial information. Additional information regarding factors that could cause results to differ can be found in our Annual Report on Form 10-K filed with the Securities and Exchange Commission on March 19, 2024 , as well as our subsequent filings with the Securities and Exchange Commission. These forward-looking statements are based on information as of November 21, 2024 . We assume no obligation to publicly update or revise our forward-looking statements even if experience or future changes make it clear that any projected results expressed or implied therein will not be realized. About Gap Inc. Gap Inc., a house of iconic brands, is the largest specialty apparel company in America. Its Old Navy , Gap , Banana Republic , and Athleta brands offer clothing, accessories, and lifestyle products for men, women and children. Since 1969, Gap Inc. has created products and experiences that shape culture, while doing right by employees, communities and the planet. Gap Inc. products are available worldwide through company-operated stores, franchise stores, and e-commerce sites. Fiscal year 2023 net sales were $14.9 billion . For more information, please visit www.gapinc.com . Investor Relations Contact: Nina Bari Investor_relations@gap.com Media Relations Contact: Megan Foote Press@gap.com The Gap, Inc. CONDENSED CONSOLIDATED BALANCE SHEETS UNAUDITED ($ in millions) November 2, 2024 October 28, 2023 ASSETS Current assets: Cash and cash equivalents $ 1,969 $ 1,351 Short-term investments 250 — Merchandise inventory 2,331 2,377 Other current assets 580 646 Total current assets 5,130 4,374 Property and equipment, net of accumulated depreciation 2,546 2,552 Operating lease assets 3,217 3,200 Other long-term assets 960 926 Total assets $ 11,853 $ 11,052 LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Accounts payable $ 1,523 $ 1,433 Accrued expenses and other current liabilities 1,135 1,078 Current portion of operating lease liabilities 617 604 Income taxes payable 50 24 Total current liabilities 3,325 3,139 Long-term liabilities: Long-term debt 1,489 1,488 Long-term operating lease liabilities 3,360 3,456 Other long-term liabilities 544 509 Total long-term liabilities 5,393 5,453 Total stockholders' equity 3,135 2,460 Total liabilities and stockholders' equity $ 11,853 $ 11,052 The Gap, Inc. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS UNAUDITED 13 Weeks Ended 39 Weeks Ended ($ and shares in millions except per share amounts) November 2, 2024 October 28, 2023 November 2, 2024 October 28, 2023 Net sales $ 3,829 $ 3,767 $ 10,937 $ 10,591 Cost of goods sold and occupancy expenses 2,194 2,211 6,322 6,488 Gross profit 1,635 1,556 4,615 4,103 Operating expenses 1,280 1,306 3,762 3,757 Operating income 355 250 853 346 Interest, net (6) — (12) 8 Income before income taxes 361 250 865 338 Income tax expense 87 32 227 21 Net income $ 274 $ 218 $ 638 $ 317 Weighted-average number of shares - basic 377 371 376 369 Weighted-average number of shares - diluted 383 375 383 373 Earnings per share - basic $ 0.73 $ 0.59 $ 1.70 $ 0.86 Earnings per share - diluted $ 0.72 $ 0.58 $ 1.67 $ 0.85 The Gap, Inc. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS UNAUDITED 39 Weeks Ended ($ in millions) November 2, 2024 (a) October 28, 2023 (a) Cash flows from operating activities: Net income $ 638 $ 317 Depreciation and amortization 371 394 Gain on sale of building — (47) Change in merchandise inventory (344) (5) Change in accounts payable 156 133 Other, net 49 40 Net cash provided by operating activities 870 832 Cash flows from investing activities: Purchases of property and equipment (330) (288) Net proceeds from sale of building — 76 Purchases of short-term investments (343) — Proceeds from sales and maturities of short-term investments 97 — Net proceeds from divestiture activity, net of cash paid — 9 Net cash used for investing activities (576) (203) Cash flows from financing activities: Repayments of revolving credit facility — (350) Proceeds from issuances under share-based compensation plans 27 18 Withholding tax payments related to vesting of stock units (48) (16) Cash dividends paid (169) (166) Other (3) (2) Net cash used for financing activities (193) (516) Effect of foreign exchange rate fluctuations on cash, cash equivalents, and restricted cash (4) (7) Net increase in cash, cash equivalents, and restricted cash 97 106 Cash, cash equivalents, and restricted cash at beginning of period 1,901 1,273 Cash, cash equivalents, and restricted cash at end of period $ 1,998 $ 1,379 ____________________ (a) For the thirty-nine weeks ended November 2, 2024 and October 28, 2023, total cash, cash equivalents, and restricted cash includes $29 million and $28 million, respectively, of restricted cash recorded within other long-term assets on the Condensed Consolidated Balance Sheets. The Gap, Inc. NON-GAAP FINANCIAL MEASURES UNAUDITED FREE CASH FLOW Free cash flow is a non-GAAP financial measure. We believe free cash flow is an important metric because it represents a measure of how much cash a company has available for discretionary and non-discretionary items after the deduction of capital expenditures. We require regular capital expenditures including technology improvements as well as building and maintaining our stores and distribution centers. We use this metric internally, as we believe our sustained ability to generate free cash flow is an important driver of value creation. However, this non-GAAP financial measure is not intended to supersede or replace our GAAP results. 39 Weeks Ended ($ in millions) November 2, 2024 October 28, 2023 Net cash provided by operating activities $ 870 $ 832 Less: Purchases of property and equipment (330) (288) Free cash flow $ 540 $ 544 The Gap, Inc. NON-GAAP FINANCIAL MEASURES UNAUDITED ADJUSTED STATEMENT OF OPERATIONS METRICS FOR THE THIRD QUARTER OF FISCAL YEAR 2023 The following adjusted statement of operations metrics are non-GAAP financial measures. These measures are provided to enhance visibility into the Company's underlying results for the period excluding the impact of restructuring costs. Management believes the adjusted metrics are useful for the assessment of ongoing operations as we believe the adjusted items are not indicative of our ongoing operations, and provide additional information to investors to facilitate the comparison of results, on an annualized basis, against past and future years. However, these non-GAAP financial measures are not intended to supersede or replace the GAAP measures. Operating Expenses Operating Expenses as a % of Net Sales (b) Operating Income Operating Margin (b) Income Tax Expense Net Income Earnings per Share - Diluted ($ in millions) 13 Weeks Ended October 28, 2023 GAAP metrics, as reported $ 1,306 34.7 % $ 250 6.6 % $ 32 $ 218 $ 0.58 Adjustments for: Restructuring costs (a) (5) (0.1) % 5 0.1 % 2 3 0.01 Non-GAAP metrics $ 1,301 34.5 % $ 255 6.8 % $ 34 $ 221 $ 0.59 ____________________ (a) Primarily represents consulting and other associated costs related to our previously announced actions to further simplify and optimize our operating model and structure. (b) Metrics were computed individually for each line item; therefore, the sum of the individual lines may not equal the total. The Gap, Inc. NET SALES RESULTS UNAUDITED The following table details the Company's third quarter fiscal year 2024 and 2023 net sales (unaudited): ($ in millions) Old Navy Global Gap Global Banana Republic Global Athleta Global Other (2) Total 13 Weeks Ended November 2, 2024 U.S. (1) $ 1,949 $ 683 $ 406 $ 281 $ 21 $ 3,340 Canada 190 95 43 9 — 337 Other regions 11 121 20 — — 152 Total $ 2,150 $ 899 $ 469 $ 290 $ 21 $ 3,829 ($ in millions) Old Navy Global Gap Global Banana Republic Global Athleta Global Other (2) Total 13 Weeks Ended October 28, 2023 U.S. (1) $ 1,917 $ 664 $ 398 $ 267 $ 15 $ 3,261 Canada 193 96 42 10 — 341 Other regions 16 127 20 2 — 165 Total $ 2,126 $ 887 $ 460 $ 279 $ 15 $ 3,767 ____________________ (1) U.S. includes the United States and Puerto Rico. (2) Primarily consists of net sales from revenue-generating strategic initiatives. The Gap, Inc. REAL ESTATE Store count, openings, closings, and square footage for our stores are as follows: February 3, 2024 39 Weeks Ended November 2, 2024 November 2, 2024 Number of Store Locations Number of Stores Opened Number of Stores Closed Number of Store Locations Square Footage (in millions) Old Navy North America 1,243 19 7 1,255 19.9 Gap North America 472 3 14 461 4.9 Gap Asia 134 — 9 125 1.1 Banana Republic North America 400 3 10 393 3.3 Banana Republic Asia 43 2 5 40 0.1 Athleta North America 270 2 2 270 1.1 Company-operated stores total 2,562 29 47 2,544 30.4 Franchise 998 121 60 1,059 N/A Total 3,560 150 107 3,603 30.4 View original content to download multimedia: https://www.prnewswire.com/news-releases/gap-inc-reports-third-quarter-fiscal-2024-results-raises-full-year-outlook-302313560.html SOURCE Gap Inc. © 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

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