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Paul Trussell of Deutsche Bank asks for an update on gross margin. $JCP CFO Ed Record said clearance was up for 1Q16, but the overpenetration in clearance was predominantly hit on margin. He added that the predominant reason for lowering margin guidance is around appliances rolling out and the impact it's going to have in 3Q16 and 4Q16 on margins.
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.