Gap Adds to Buyback Authorization

The additional $500 million brings the total authorization to $3 billion.
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(GPS) - Get Report

said Wednesday that its board approved an additional $500 million to its share repurchase program.

The move brings Gap's total authorization for share repurchases since October to $3 billion. As of July 18, it had repurchased a total of 119 million shares for $2.5 billion.

"We're pleased to extend our share repurchase program to $3 billion," said Gap's President and Chief Executive Paul Pressler. "We remain committed to returning excess cash to shareholders while maintaining a strong balance sheet."

Gap's sales have lagged in recent quarters, but Pressler has succeeded in shoring up the company's financial position and restoring its investment-grade credit rating.

Shares of Gap were recently up 5 cents, or 0.2%, to $20.76.