Fashion retailer Gap Inc. (GPS: Quote) 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.
Click here to receive FREE breaking news email alerts for Gap Inc. and others in your portfolio
by RTT Staff Writer
For comments and feedback: editorial@rttnews.com
Business News