Gap reinstates dividend
The Gap Inc. (GPS) will reinstate its quarterly dividend with a new payment of 12 cents per share. Last year GPS suspended its quarterly dividend because of the COVID-19 pandemic. The clothing retailer last raised its quarterly dividend by 5.4 percent to $0.2425 per share in the first quarter of 2018.
The next dividend is payable on or after July 28, 2021 to shareholders of record at the close of business on July 7, 2021. A new annual dividend rate of 48 cents per share will yield 1.3% at a stock price of $35.71. The next ex-dividend date for GPS is July 6, 2021.
Gap Inc. is a leading global retailer offering clothing, accessories, and personal care products for men, women, and children under the Old Navy, Gap, Banana Republic, Athleta, Intermix, Janie and Jack, and Hill City brands. Fiscal year 2019 net sales were $16.4 billion. Gap Inc. products are available for purchase in more than 90 countries worldwide through company-operated stores, franchise stores, and e-commerce sites.
