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It remains in use colloquially; for example, as a counterpart to "gentleman," in the phrase "ladies and gentlemen," and is generally interchangeable (in a strictly informal sense) with "woman." (e.g., "The lady at the store said I could return this item in thirty days."). "Ladies" is also the normal text on the signs to any female toilet in a public place in the UK, again paired with "Gentlemen" (or "Gents").

Source from : http://en.wikipedia.org/wiki