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Express Q2 income up 25%; to open flagships in Times Square and San Francisco
Columbus, Ohio -- Express Inc. reported a 25% increase in net income for the second quarter. But the retailer slashed its profit outlook for the year and said that same-store sales barely rose last quarter and that it expects about the same for the rest of the year.
Express earned $15.8 million for the quarter ended July 28, better than analysts expected, compared with $12.6 million in the year-ago period.
Revenue increased 2% to $454.9 million, short of the $467 million analysts had expected. Same-store sales inched up 1%.
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RILA announces opposition to ‘flawed’ proposed swipe fee settlement
Arlington, Va. -- The Retail Industry Leaders Association criticized the proposed swipe fee settlement and urged class plaintiffs to reject the proposal. Announced in July, the proposed settlement stems from lawsuits challenging the anticompetitive swipe fee practices of Visa and MasterCard.