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JWN's 2Q16 SG&A expenses, as a percent of net sales, rose 212 BP to 29.8% vs. 2Q15, mainly due to a FY15 benefit of $64MM related to the sale of credit card portfolio, as well as expense deleverage from the shift in sales volume into 3Q16 related to the Anniversary Sale event. For 1H16, $JWN repurchased 1.3MM shares of its common stock for $60MM.
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.