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Zale Corp's Comp store sales down in Q1

Nov '05
Dallas based largest specialty jewelry retailer Zale Corporation announced a net loss, of $23.7 million, or $0.47 per share, for the Company's first quarter ended October 31, 2005.

This loss includes an after-tax non-cash impairment charge related to the closing of approximately 30 Bailey Banks & Biddle locations of $5.3 million, or $0.10 per share.

Excluding the non-cash impairment charge, the Company reported a net loss of $18.4 million, or $0.36 per share. For the same period last year, the Company reported a net loss of $10.9 million, or $0.21 per share.

Total revenues for the quarter ended October 31, 2005 were $428 million compared to $423 million last year, an increase of 1.2 percent. Comparable store sales for the first quarter decreased 1.2 percent.

The Company further commented that it was not changing its previously issued second quarter earnings per share estimate.
As previously announced, a conference call will be held today at 9:00 a.m. Eastern Time. Parties interested in participating should dial 706-643-7467 five minutes prior to the scheduled start time. A webcast of the call, as well as a replay, will be available on the Company's Web site at www.zalecorp.com. For additional information, contact Investor Relations.

Zale Corporation is North America's largest specialty retailer of fine jewelry operating approximately 2,375 retail locations throughout the United States, Canada and Puerto Rico, as well as online.

Zale Corporation's brands include Zales Jewelers, Zales Outlet, Gordon's Jewelers, Bailey Banks & Biddle Fine Jewelers, Peoples Jewellers, Mappins Jewellers and Piercing Pagoda. Through its ZLC Direct organization, Zale also operates online at www.zales.com and www.baileybanksandbiddle.com.

Zale Corporation

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