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$FIVE ended 1Q16 with 458 stores, an increase of 73 net new stores or 19% versus 1Q15. Gross profit increased 27.8% to $60.3MM. GM increased by approx. 60BP to 31.3% driven by freight leverage and fixed cost leverage. Operating income increased 53.1% to $10.8MM or 5.6% of sales. Effective tax rate was 37.6% in 1Q16.
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.