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Lorraine Hutchinson of Bank of America asks about which brands had the most dramatic change from 1Q16 in terms of GM and the drivers of it. $GPS said Gap has been managing its actual margin pretty well and delivered healthy comp. On the flip side, the Banana Republic experienced the most margin pressure and offsetting all this was Old Navy.
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.