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Zale Corp Q2 earnings rises, makes executive management change

Feb '06
North America's largest specialty retailer of fine jewelry Zale Corporation has announced net earnings of $88 million for the company's second quarter ended January 31st 2006.

These earnings include: a write-down of inventory and lease settlement costs related to the closing of Bailey Banks & Biddle locations of $24 million; a tax benefit of $11.5 million, related to qualifying earnings from the company's Canadian subsidiary repatriated under the American Jobs Creation Act; and a charge related to severance and other benefit payments in conjunction with an executive management change of $8.5 million.

Excluding these items, the company reported second quarter earnings of $97 million. For the same period last year, the company reported net earnings of $99 million.

Total revenues for the second quarter, including the results of the 29 Bailey Banks & Biddle stores previously announced as designated for closure that were managed by an independent liquidator, were $994 million compared to last year's revenues of $972 million for the period, an increase of 2.3 percent. Excluding the store closures, total revenues were $979 million, compared to $952 million for the same period last year, an increase of 2.8 percent.

Same-store sales, which exclude the store closures, increased 1.4 percent for the same period.

Year-to-date total revenues, including the store closures, increased 1.9 percent to $1.421 billion, compared to $1.395 billion for the same period last year. Excluding the store closures, year-to-date total revenues increased 2.3 percent to $1.406 billion, compared to $1.375 billion for the same period last year. Year-to-date same-store sales, which exclude the store closures, increased 0.6 percent.

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