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$EL's opex as a percentage of net sales rose to 61% in 2Q16 vs. 60.4% in the prior-year period. The increase primarily reflected the FY16 charges associated with restructuring activities of approx. 60 BP and higher costs associated with store operations of approx. 40 BP. Also contributing to the increase was higher G&A expenses of approx. 50 BP.
The latest earnings report by $VZ shows how it is losing customers despite offering the unlimited data plans, a record for the company.
$BEBE is closing down all its stores by the end of May.
$WFC agreed to hike its payout in a class-action settlement over unauthorized accounts by $32 million to $142 million for its retail sales practices. The settlement will now include customers who were impacted as early as May 2002.