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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

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