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Luxury jeweler $TIF reported a drop in 1Q16 earnings due to lower operating margin as improved gross margin was more than offset by a lack of sales leverage on operating expenses. Net income fell to $87.5MM or $0.69 per share from $104.9MM or $0.81 per share last year. Net sales dropped to $891.3MM from $962.4MM.
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.