Second Quarter 2016 Financial Highlights • Net revenues totaled $204.0 million, an 11% year-over-year increase. ◦ Consumer net revenues totaled $176.6 million, a 3% year-over-year increase. ◦ Shutterfly Business Solutions net revenues totaled $27.4 million, a 117% year-over year increase. ◦ Excluding a flash deal deferred revenue breakage catch-up in the second quarter of 2015, net revenues increased 16% year-over-year. ◦ Excluding flash deal deferred revenue breakage in the second quarter of 2015, consumer net revenues increased 8% year-over-year. • Gross profit margin was 46.3% of net revenues, compared to 47.4% in the second quarter of 2015. ◦ Excluding the effect of the flash deal deferred revenue breakage in the second quarter of 2015, gross profit margin was up 110 basis points year-over-year. • Operating expenses totaled $115.4 million compared to $115.6 million in the second quarter of 2015. ◦ Excluding marketing expenses related to the flash deal deferred revenue breakage in the second quarter of 2015, total operating expenses increased 3% year-over-year. • Operating loss totaled $(21.1) million compared to a loss of $(28.4) million in the second quarter of 2015. • Net loss was $(16.5) million, compared to $(23.8) million in the second quarter of 2015. • Net loss per share was $(0.48), compared to $(0.63) in the second quarter of 2015. click Read More below for additional detail
Gap Inc. (NYSE: GPS) today announced that its Board of Directors approved a new $1 billion share repurchase authorization for the company’s common stock and plans to increase its annual dividend, reinforcing the company’s commitment to returning excess cash to shareholders.
The new $1 billion repurchase authorization for Gap Inc.’s stock follows the company’s previous $500 million share repurchase authorization, which the company announced on October 16, 2014. Since the beginning of 2010, Gap Inc. has repurchased over $7.25 billion or about 297 million shares at an average price of $24.42.
Additionally, the company announced that its Board of Directors intends to increase the company’s annual dividend to $0.92 per share in fiscal year 2015, compared to the company’s current annual dividend of $0.88 per share. This is the sixth consecutive year Gap Inc. has increased its annual dividend, and it represents an annual dividend per share increase of more than 50 percent in the last two years.
“Through the end of fiscal year 2014, we’re pleased to have distributed more than $1.6 billion in cash to shareholders through our meaningful share repurchase activity and our increased dividend,” said Sabrina Simmons, chief financial officer, Gap Inc. “Both the new authorization and increased annual dividend continue to underscore the company’s commitment to returning excess cash to shareholders.”