Rising Earnings, Shrinking Loss for Zale

(IDEX Online News) – Zale Corporation reported an 8.1 percent increase in earnings in the third quarter, totaling $445 million. The improved results were not enough to prevent another quarterly loss however, it was cut down.

Net loss for the quarter ended April 30 was $4 million, compared to a net loss of $10 million in the comparable quarter last year.

The American jewelry retailer succeeded to push up comparable store sales by 8.0 percent.

U.S. Fine Jewelry brands (70 percent of revenues), consisting of Zales Jewelers, Zales Outlet and Gordon’s Jewelers, had an increase in comparable store sales of 10.9 percent. This increase follows a 15.9 percent rise in the same period last year.

Canadian Fine Jewelry brands (17 percent of revenues), consisting of Peoples Jewellers and Mappins Jewellers, had an increase in comparable store sales of 3.8 percent. This increase follows a 21.6 percent rise in the same period last year.

“The six consecutive quarters of positive comps, coupled with continued momentum through the Mother’s Day selling period, demonstrates that the strategic initiatives we’ve undertaken are resonating with our guests,” commented CEO Theo Killion.