logo
Share SHARE
FONT-SIZE Plus   Neg

Gap Dec. Comps. Rise; Board OKs $1 Bln Buyback - Quick Facts

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.

by RTT Staff Writer

For comments and feedback: editorial@rttnews.com

Business News

Quick Facts

Editors Pick
Ford Motor Co.(F) reported a profit for the second-quarter that declined 8.8 percent from last year, while total revenue increased about 6 percent. The company now sees risks challenging achieving 2016 guidance. ConocoPhillips on Thursday reported a loss for the second quarter that widened from last year, reflecting lower revenues and one-time charges. The results for the quarter missed analysts' estimates. However, the company raised its production outlook for the full-year. Like other companies in the oil industry, ConocoPhillips is struggling with lower oil prices. Bristol-Myers Squibb Co. on Thursday raised its earnings forecast for fiscal 2016 after reporting a significant profit in its second quarter, compared to prior year's loss. The results reflected the absence of prior year's hectic charge as well as strong revenue growth. Earnings per share and top line beat market estimates.
comments powered by Disqus
Follow RTT