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Gap Inc. Withdraws 2020 Guidance; Announces Actions To Strengthen Balance Sheet

Gap Inc. (GPS) said, given the uncertainty regarding the potential duration and impact of COVID-19, the company is withdrawing its full year 2020 guidance. Also, the company's first quarter dividend, of $0.2425 per share, will now be payable on or after April 28, 2021 to shareholders of record at the close of business on April 7, 2021, subject to the right of the company to further defer the record and payment dates. The company has suspended regular quarterly cash dividend for the remainder of fiscal 2020.

To strengthen the balance sheet the company has decided to: draw down the entire $500 million on its revolving credit facility; reduce capital expenditures by approximately $300 million in fiscal 2020; and review all operating expenses.

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