Zale Posts Modest Quarterly Results

Zale posted today a modest 1.6 percent increase in quarterly sales at comparable stores. Total revenues for the period were $417 million compared to last year's first quarter revenues of $412 million, an increase of 1.2 percent.

Despite the lackluster results, Zale President and CEO, Mary L. Forte, sees a positive aspect, saying “These sales results demonstrate the continued improvement in our business. We are pleased with customer response to a number of new merchandising and branding initiatives as we prepare for the all-important holiday season”.

The jeweler also reported that as part of its stock repurchase program it purchased over two million shares of its common stock at a total cost $104 million during the quarter, brining the company’s holding to about 26 million shares.

Zale will release its full first quarter fiscal 2004 earnings results on later this month on November 18.