Zale reduces loss in Q4
DALLAS - Zale Corporation reported that it incurred a net loss for the fourth quarter ended July 31 of $28.5 million, or 89 cents per share, compared with a net loss of $89.8 million, or $2.81 per share, in the comparable period in the prior year. Revenues for the quarter ended July 31 were $345 million, a decrease of 3.4% compared with $357 million during the comparable period in the prior year. Same-store sales during the quarter decreased 2.1%, compared with a decrease of 21.2% during the comparable period in the prior year.
For the fiscal year ended July 31, the company incurred a net loss of $94 million, or $2.92 per share, compared with a net loss of $190 million, or $5.94 per share, in fiscal 2009. For fiscal year 2010, revenues were $1.62 billion, a decrease of 9.2% compared with $1.78 billion for fiscal 2009. Same-store sales decreased 6.6% for fiscal year 2010, compared with a decrease of 16.6% during fiscal year 2009.
“Earlier this year, we began executing our multi-year turnaround strategy,” commented Theo Killion, CEO. “Our results, which show significant progress year over year, also serve as an objective reminder of how far we need to go to reach our ultimate goal; profitable revenue growth. Our team is singularly focused on achieving our goal.”