Fashion retailer Gap Inc. (GPS) said its December 2012 comparable sales went up 5 percent, compared with a 4 percent decline for December 2011. Net sales for the five-week period were $2.08 billion, higher than $1.98 billion a year earlier.
Separately, the company reported the board's approval of a new $1 billion share repurchase authorization for the company's common stock, reinforcing the company's commitment to returning excess cash to shareholders. This new $1 billion buyback program follows the company's prior $1 billion share repurchase, which was completed during the fourth quarter of fiscal year 2012.
The company repurchased nearly 17 million shares for about $539 million in the fourth quarter of fiscal year 2012 to date.
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June 05, 2026 16:18 ET A busy week for economic news flow saw a slew of reports being released that reflected the trends in the U.S. labor market. In Europe, economic growth and inflation data gained attention as the European Central Bank and Bank of England head for policy session later in the month. In Asia, the monetary policy session of the Indian central bank was in focus as the country, a major oil importer, reels under the pressures of a weaker rupee and rising inflation.