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$GPS, which competes with $URBN and $ANF, posted lower 2Q16 results, hurt by lower net sales, restructuring charges and foreign currency fluctuations. $GPS said net income fell 42.9% to $125MM, or $0.31 per share from $219MM, or $0.52 per share a year ago. Revenue fell 1.2% to $3.85Bil. Excluding items, GPS earned $0.60 per share.
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.