Gap Inc. Announces New $2 Billion Share Repurchase Authorization and Plans to Increase Dividend for 2011
Company Returns Over $10 Billion in Share Repurchases and Dividends since 2004
SAN FRANCISCO – – Gap Inc. (NYSE: GPS) today announced that its Board of Directors approved several decisions that underscore the company’s financial health and commitment to delivering value to its shareholders.
Gap Inc.’s Board of Directors approved an additional $2 billion share repurchase authorization and a plan to increase the annual dividend per share by 13 percent, from $0.40 in 2010 to $0.45 for fiscal year 2011. The first quarterly dividend of $0.1125 per share was declared for payment on or after April 27, 2011 to shareholders of record at the close of business on April 6, 2011. Additional quarterly dividends are expected to be paid in July, October and January.
“Since 2004, we’ve returned over $10 billion in cash to shareholders, with $2.2 billion in 2010 alone,” said Sabrina Simmons, executive vice president and chief financial officer, Gap Inc. “Today’s announcement reinforces our commitment to delivering shareholder value using cash distribution as an important component.”
During the fourth quarter of fiscal year 2010, the company repurchased about 28 million shares for $598 million.
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 2010 net sales were $14.7 billion. Gap Inc. products are available for purchase in over 90 countries worldwide through about 3,100 company-owned stores, about 175 franchise stores, and e-commerce sites. For more information, please visit www.gapinc.com.
This news content was configured by WebWire editorial staff. Linking is permitted.
News Release Distribution and Press Release Distribution Services Provided by WebWire.