Zale Fiscal Q3 Comparable Store Sales Up 5.8%

Specialty jewelry retailer Zale announced a fiscal third quarter net loss of $17.4 million, or $0.42 per share for the period ended April 30. Comparable store sales increased 5.8 percent during the quarter.

The firm noted that, in February, it launched a program to permanently reduce inventory levels in order to better clarify merchandise presentation, improve inventory efficiency and to help position the Zale Corp for the future, a program, it said that has seen “better-than-expected progress.”

Revenues for the quarter were $477 million, compared to $449 million last year, an increase of 6.2 percent.

For the nine months ended April 30, revenues totaled $1.68 billion, a 2.4 percent decrease over the previous year period, while comparable store sales fell 2.3 percent.