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Zale plans to close 105 stores in fiscal 2008
03 Mar '08
3 min read
• A $100 million reduction in inventory in fiscal 2008, which was announced previously. The decrease in inventory levels was based on a detailed review by category and item and the Company intends to make the reduction permanent.
Zale President and Chief Executive Officer Neal Goldberg said, “In order to improve Zale's overall performance and provide our value-oriented customer with an exceptional experience, it is essential that we reduce the Company's infrastructure costs, which have outpaced its sales growth since 2002.
The program we are announcing today follows an extensive review, and will enhance our operational effectiveness significantly. It builds upon steps we have already taken to reduce redundancies, simplify processes and create a more agile company, such as the realignment of our merchandise and sourcing organizations.”
“Creating a culture of cost discipline and financial rigor is vital to Zale's ongoing success. While we recognize that expense saves will help drive efficiencies in the near-term, our ultimate success will come from optimizing the balance between top-line growth, margin expansion and expense control.
These actions are difficult for our entire organization but are important steps in order to connect us more closely to our customers,” concluded Mr. Goldberg. “We thank our associates affected by these changes for their dedication, hard work and contributions.”
Click here to view more:
Zale President and Chief Executive Officer Neal Goldberg said, “In order to improve Zale's overall performance and provide our value-oriented customer with an exceptional experience, it is essential that we reduce the Company's infrastructure costs, which have outpaced its sales growth since 2002.
The program we are announcing today follows an extensive review, and will enhance our operational effectiveness significantly. It builds upon steps we have already taken to reduce redundancies, simplify processes and create a more agile company, such as the realignment of our merchandise and sourcing organizations.”
“Creating a culture of cost discipline and financial rigor is vital to Zale's ongoing success. While we recognize that expense saves will help drive efficiencies in the near-term, our ultimate success will come from optimizing the balance between top-line growth, margin expansion and expense control.
These actions are difficult for our entire organization but are important steps in order to connect us more closely to our customers,” concluded Mr. Goldberg. “We thank our associates affected by these changes for their dedication, hard work and contributions.”
Click here to view more:
Zale Corporation
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