Gap Inc. GPS said late Tuesday it was resuming share buybacks that it had suspended more than a year ago. The company said it still has $800 million left in authorized share repurchases on its $1 billion plan, and that it intends to buy back up to $200 million in shares this fiscal year, which ends in January. Back in March 2020, the company suspended share repurchases because of uncertainty surrounding the then-new COVID-19 outbreak. Gap shares ticked 0.3% higher after hours, following a 1% decline to close the regular session at $35.29. Shares are up 360% over the past 12 months, compared with a 42% gain in the S&P 500 index SPX.
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