Gap Inc. announced that its Board of Directors approved a new $1 billion share repurchase authorization for the company’s common stock, reinforcing the company’s commitment to returning excess cash to shareholders.
The new $1 billion repurchase program for Gap Inc.’s stock follows the company’s previous $1 billion share repurchase program, which was completed during the fourth quarter of fiscal year 2012. The company repurchased approximately 17 million shares for about $539 million during the fourth quarter of fiscal year 2012 to date.
“We’re pleased to have distributed close to $1.2 billion in cash to shareholders year to date in the form of dividends and share repurchases,” said Sabrina Simmons, chief financial officer of Gap Inc. “This additional authorization to repurchase stock reflects the continued strength of Gap Inc.’s free cash flow generation in supporting both growth initiatives and cash distributions.”
About Gap Inc.
Gap Inc. is a leading global specialty retailer offering clothing, accessories, and personal care products for men, women, children, and babies under the Gap, banana republic, Old Navy, Piperlime, and Athleta brands.
Fiscal 2011 net sales were $14.5 billion. Gap Inc. products are available for purchase in about 90 countries worldwide through about 3,000 company-operated stores, over 300 franchise stores, and e-commerce sites.