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.

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