The largest 500 e-retailers in mobile commerce will grow sales from smartphones and tablets 68% this year, Internet Retailer finds in its newly released Mobile 500. The bulk of the biggest mobile players are in the United States, but most of the growth comes from smartphone- and tablet-wielding shoppers abroad. Mobile commerce sales are growing for online retailers around the world, and fast. In fact, according to the newly published Internet Retailer 2016 Mobile 500, the largest 378 mobile merchants based in the United States will grow sales derived from smartphones and tablets 36.0% this year to $88.44 billion.
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.”