Gap Inc. to resume stock buybacks

Gap Inc. is resuming the share buybacks that it had suspended in March 2020 at the outset of the pandemic.

The apparel retailer announced the resumption of its share repurchase program, which has $800 million of its $1 billion authorization remaining. Gap said it intends to repurchase up to $200 million of shares under the program in the remainder of fiscal year 2021.

In addition, Gap said its board authorized a second-quarter fiscal year 2021 dividend of $0.12 per share, payable on or after July 28, 2021 to shareholders of record at the close of business on July 7, 2021.