February 2, 2006
Zale Up in Second Quarter
Zale Corp. reported comparable store sales increased 1.4% for the second quarter ended Jan. 31, 2006. Comparable store sales exclude the results of the 29 Bailey Banks & Biddle stores previously announced as designated for closure managed by an independent liquidator during the period. Total revenues for the period, also excluding the store closures, were $978 million compared to $952 million last year, an increase of 2.7%. Total revenues for the period, including the store closures, were $993 million compared to last yearıs revenues of $972 million for the period, an increase of 2.2%.
Year-to-date total revenues, excluding the store closures, increased 2.2% to $1.397 billion, compared to $1.366 billion for the same period last year. Including the store closures, year-to-date total revenues increased 1.9% to $1.421 billion, compared to $1.395 billion for the same period last year. Year-to-date comparable store sales, which exclude the store closures, increased 0.6%.
Earlier this week, Mary L. Forté resigned as president, CEO and board member of Zale and was replaced as CEO on an interim basis by board member Betsy Burton.
Zale Corp. is North America's largest specialty retailer of fine jewelry operating approximately 2,400 retail locations throughout the U.S., Canada and Puerto Rico, as well as online. Brands include Zales Jewelers, Zales Outlet, Gordon's Jewelers, Bailey Banks & Biddle, Peoples Jewellers, Mappins Jewellers and Piercing Pagoda. Through its ZLC Direct organization, Zale also operates zales.com and baileybanksandbiddle.com.