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Clothing company $RL posted 2Q16 net income of $160MM or $1.86 per share vs. $201MM or $2.27 per share last year. $RL said it had revenue of $1.97Bil which was $0.24Bil lower than last year. Gross profit for the quarter was $1.1Bil & gross profit margin was 56.5%. Due to unfavorable forex effects, gross profit margin was 30 BP lower than last year.
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.