The Gap Inc. board of directors has approved a new $500M share repurchase program of the company’s common stock.
The company said the decision reinforces its commitment to returning excess cash to shareholders.
The latest program follows the prior $1 billion share repurchase program.
Sabrina Simmons, chief financial officer, said that as of the end of the second quarter, the company has distributed $800 million in cash to shareholders through dividends and share repurchases.
