Zale quarterly loss widens
DALLAS Zale Corp. announced that for the first fiscal quarter it had a net loss from continuing operations of $97 million, or $3.03 per share, compared with a net loss from continuing operations of $60 million, or $1.87 per share, in the comparable quarter last year.
Revenues for the quarter were $327 million, a decrease of 0.7% compared with $329 million in the same period in the prior year. Same-store sales during the quarter decreased 1.1%, compared with a decrease of 6.8% during the comparable period in the prior year.
“Since February 2010 when we began implementing our turnaround plan, each fiscal quarter has shown improvement,” commented Theo Killion, CEO. “The second fiscal quarter will provide an important barometer of the progress we’re making in our turnaround.”