Zale November sales tumble 18.6 percent-Market Survey-Magazine-IRISPANCY FASHION ACCESSORIES & JEWELRY

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Magazine > Market Survey > News Content

Zale November sales tumble 18.6 percent

12/8/2009 9:16:20 PM

Irving, Texas--Same-store sales at Zale Corp. decreased 18.6 percent in November compared with the same period last year, a filing with the U.S. Securities and Exchange Commission shows.

Zale, which operates 1,251 jewelry stores and 683 kiosks in North America, said in the filing that November has represented approximately 25 percent of total revenues for the second quarter of its fiscal year.

For the first quarter of fiscal 2010, Zale same-store sales were down 6.8 percent compared with a 3.7 percent decrease during the 2008 period, and revenues decreased 9.6 percent to $329 million, compared with $364 million for the same period year-over-year.

According to the filing, in November, the Dallas-based chain, its Chief Executive Officer Neal L. Goldberg, and three former officers, Rodney Carter, Mary E. Burton and Cynthia T. Gordon, were named as defendants in two purported class-action lawsuits filed in the U.S. District Court for the Northern District of Texas. The suits allege violations of securities laws arising from the financial statement errors that led to the company restating its 2008 and 2009 earnings.

The company said in the filing, however, that "management believes that such litigation and claims will be resolved without material effect on our financial position or results of operations."

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