This excerpt taken from the GPS 8-K filed Feb 25, 2010.
ANNOUNCES $1 BILLION SHARE REPURCHASE AUTHORIZATION
SAN FRANCISCO Feb. 25, 2010 Underscoring its commitment to return excess cash to shareholders, today Gap Inc. (NYSE: GPS) announced that its Board of Directors plans to increase the annual dividend for fiscal year 2010 by 18 percent and authorized an additional $1 billion in share repurchases.
Over the past six years, weve returned over eight billion dollars to our shareholders through share repurchases and dividends, said Sabrina Simmons, chief financial officer of Gap Inc. Were pleased that our ability to consistently deliver strong cash flow allows us to continue returning excess cash to our shareholders in 2010.
The company intends to increase the annual dividend per share from $0.34 to $0.40 for fiscal year 2010. The Board of Directors declared the first quarterly dividend of $0.10 per share payable on April 28, 2010 to shareholders of record at the close of business on April 7, 2010. Additional quarterly dividends are expected to be paid in July, October and January.
The company has repurchased 364 million shares for a total of about $7 billion since October 2004.