Home / Knowledge / News / Apparel/Garments / Apparel marketer Gap initiates $500mn share repurchase
Apparel marketer Gap initiates $500mn share repurchase
23
Oct '14
US based apparel marketer – Gap Inc said its Board of Directors have approved a new $500 million share repurchase authorization for its common stock.

The new $500 million stock repurchase program follows its previous $1 billion share repurchase program, which it initiated in November 2013.

Prior to the November announcement, Gap had increased its annual dividend per share by one-third, from $0.60 to $0.80, representing the second increase in fiscal year 2013.

“Through the end of the second quarter, we’re pleased to have distributed about $800 million in cash to shareholders through dividends and share repurchases,” said Sabrina Simmons, CFO at Gap Inc.

She added, “The additional authorization to repurchase stock underscores management and the board’s continued confidence in our long-term strategy.”

In the second fiscal quarter of 2014, Gap posted earnings per share increase of 17 percent, from a year earlier quarter.

Second fiscal quarter of 2014 diluted earnings per share stood at $0.75 compared with diluted earnings per share of $0.64 in the second fiscal quarter of 2013.

Gap said the second quarter of 2014 diluted earnings per share includes a benefit of about $0.05 from a gain on the sale of a building owned, but no longer occupied by the company.

Excluding this benefit, the apparel retailers’ adjusted diluted earnings per share stood at $0.70.

Net sales for the second quarter of 2014 rose 3 percent to $3.98 billion, compared with $3.87 billion in the prior year quarter.

Gap Inc. reported fiscal year 2013 net sales of $16.1 billion and its products are sold in more than 90 countries through about 3,200 company-operated stores and 400 franchise stores. (AR)

Fibre2fashion News Desk - India


Must ReadView All

Apparel/Garments | On 25th Jun 2017

Half of 7,000 new apparel online each day target women

Adobe has released its first Digital Price Index for apparels,...

Textiles | On 25th Jun 2017

First Insight, Chico's FAS enter partnership

First Insight, a technology company transforming how retailers make...

Apparel/Garments | On 25th Jun 2017

Expand changing use of social and web resources

With over 400 million impressions to date and web traffic of over two ...

Interviews View All

Priyanka
Studio Priyanka Rajiv

‘To reinvent the age-old tradition of embroidery to suit demographics and...

Cyril Pereira
Reed Exhibitions India, organiser of Asian Machine Tool Exhibition 2016

'Major problem in the textile machinery manufacturing industry is the lack ...

Nuno Venda
ROQ

‘There has been an increase in demand for water based inks, rather than...

Paolo Ocleppo
Sandvik Hyperion

Paolo Ocleppo, Rotary Cutting Segment manager, Sandvik Hyperion discusses...

Mohammad Hassan
Biax Fiberfilm

About one in every 20 patients picks up an infection while hospitalised....

Urs Stalder
Sanitized AG

Urs Stalder, CEO, Sanitized AG, talks about the increasing use of hygiene...

Sanjukta Dutta
Sanjukta's Studio

<b>Sanjukta Dutta</b> creates unique garments by clubbing prints of...

Prathyusha Garimella
Prathyusha Garimella

Hyderabad-based designer <b>Prathyusha Garimella</b> is known for blending ...

Yash P. Kotak
Bombay Hemp Company

One of the directors of Bombay Hemp Company, Yash P. Kotak, speaks to...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

news category


Related Categories:
June 2017

June 2017

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

SUBSCRIBE


Browse Our Archives

GO


E-News Insight
Subscribe Today and Get the
Latest News Update in Your Mail Box.
Advanced Search