The Gap (GPS) Approves $500M Buyback Plan

The Gap (NYSE: GPS) announced that its Board of Directors approved a new $500 million share repurchase authorization for the company’s common stock, reinforcing the company’s commitment to returning excess cash to shareholders.

The new $500 million repurchase program for Gap Inc.’s stock follows the company’s previous $1 billion share repurchase program.

“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, EVP and chief financial officer, Gap Inc. “The additional authorization to repurchase stock underscores management and the board’s continued confidence in our long-term strategy.”

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