Gap Inc. Announces New $2 Billion Share Repurchase Authorization

Gap Inc. GPS today announced that its Board of Directors approved several decisions that underscore the company's financial health and commitment to delivering value to its shareholders. Gap Inc.'s Board of Directors approved an additional $2 billion share repurchase authorization and a plan to increase the annual dividend per share by 13 percent, from $0.40 in 2010 to $0.45 for fiscal year 2011. The first quarterly dividend of $0.1125 per share was declared for payment on or after April 27, 2011 to shareholders of record at the close of business on April 6, 2011. Additional quarterly dividends are expected to be paid in July, October and January.