Wednesday, 18th February 2004 (4753 views)

North American fine jewellery retailer Zale Corporation has announced net earnings of $97 million for the company's second quarter ended January 31st 2004, in an encouraging set of results.

Zale is the largest specialty fine jewellery retailer in the US and the latest figures represent an increase of 31 per cent on a per share basis over the previous year.

For the same period last year, including a non-cash impairment charge of $136 million, the Zale Corporation had a net loss of $46 million, or $1.44 per share.

The company predominantly works in diamond and gold and owns the Piercing Pagoda gold kiosks located in shopping malls across the US.

Piercing Pagoda is the largest specialty kiosk retailer of gold jewellery in the US and sells an extensive selection of reasonably-priced gold chains, charms, bracelets, rings, earrings and body jewellery.

'We are very pleased with these earnings results as they reflect solid execution across the entire organization,' commented Mary L. Forte, President and Chief Executive Officer.

'We maximized our opportunities during the period while at the same time delivered margin expansion largely supported by our sourcing efforts. Additionally, we maintained tight controls on expenses and our distribution and handling of product was at record levels. This productivity ensured good in-stock positions at each of our brands and we believe has us well-positioned to maximize the spring season.'

Total revenues for the second quarter ended January 31st 2004 were $949 million, compared to $908 million for the same period last year, an increase of 4.5 per cent and comparable store sales increased 4.3 per cent for the same period.

 

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