Gap
Inc. (NYSE: GPS) today 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."
Forward-Looking Statements
This press release and related conference call and webcast 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:
commitment to returning excess cash to shareholders.
Because these forward-looking statements involve risks and
uncertainties, there are important factors that could cause the
company's actual results to differ materially from those in the
forward-looking statements. These factors include, without limitation,
the following:
the risk that the company does not repurchase some or all of the
shares it anticipates purchasing pursuant to its repurchase program.
Additional information regarding factors that could cause results to
differ can be found in the company's Annual Report on Form 10-K for the
fiscal year ended January 28, 2012, as well as the company's subsequent
filings with the Securities and Exchange Commission.
These forward-looking statements are based on information as of January
3, 2013. The company assumes no obligation to publicly update or revise
its 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. 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. For more information, please visit www.gapinc.com.
