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Zale posts lower 2nd-qtr profit
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Zale Corp. on Thursday reported that second-quarter profit fell 31 percent to $52.7 million year-over-year, which comprised a $2.5 million, helpful effect related to derivative accounting treatment for the group’s gold and silver contracts. Total revenues for the period, ended Jan. 31, for the Dallas-based corporation were $828 million, compared to $892 million in the prior year, a decrease of 7.2 percent. Same-store sales fell 7.3 percent. “While these second quarter results are disappointing, I am convinced that Zale has a solid basis for improved performance as we again provide our value-oriented customer with an exceptional experience,” said Neal Goldberg, Zale president and CEO. “We intend to make Zale into a more nimble and professional organization.
