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Zale Corporation declares Q4 sales results

05
Aug '05
Dallas based largest specialty jewelry retailer Zale Corporation reported for the fourth quarter ended July 31, 2005, comparable store sales decreased 0.1 percent. Total revenues for the period were $472 million compared to last year's total revenues of $456 million, an increase of 3.5 percent.

For the fiscal year, total revenues increased 3.4 percent to $2.383 billion, compared to $2.304 billion for the prior fiscal year. On a comparable store basis, sales increased 0.3 percent for the year.

The Company commented that while pleased with the Mother's Day period and the response to it's marketing, the balance of the quarter was negatively impacted by a number of major initiatives underway at the Zales brand. Developing upgraded merchandise assortments in addition to tailoring merchandise distribution resulted in repositioning a substantial amount of product. These significant merchandise changes as well as the Brand's implementation of direct sourcing strategies contributed to lower results for the quarter.

The Company further stated that based on its sales results, it now expects diluted earnings per share for the fourth quarter ending July 31, 2005, to range between $0.07 and $0.09.

"They are disappointed with these fourth quarter sales and earnings estimates," said Mary L. Forte, President and Chief Executive Officer. "While performance at Zales improved significantly during the spring season, their goal of having many of the new initiatives in place for the beginning of their fiscal year created more short-term disruption in the quarter than they anticipated. However, they have made significant progress towards repositioning the Brand. They believe these merchandise and operational initiatives will position Zales to maximize the upcoming holiday season and to deliver a successful fiscal 2006."


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