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During 2Q16, $K's net sales rose by 8.6%, including pricing actions impact in Venezuela. Net sales, excluding impact of Venezuela fell by 2%. Operating profit rose by 10.6%, helped by savings from Project K & Zero-Based Budgeting in North America, as well as price increases in Venezuela. Excluding Venezuela impact, operating profit rose by 5.3%.
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.