May 22 Zale Corp on Wednesday reported a
modest bump in third-quarter same-store sales and said the
former chief executive of its biggest rival, Kay Jewelers parent
Signet Jewelers Ltd, will be its new chairman.
Terry Burman, who was Signet's CEO from 2000 to 2011 and
oversaw large U.S. market share gains that came partly at Zale's
expense, will take up the post next Friday, Zale said.
Zale, which three years ago faced sharply declining sales
and narrowly averted a cash shortage, reported that sales at
stores open at least a year rose 1.4 percent in the quarter that
ended April 30.
It was the company's tenth straight quarter of same-store
sales gains and compares with an 8 percent jump a year earlier.
Overall revenue slid 0.6 percent to $442.7 million.
Same-store sales at its Zales and Zales Outlets stores, by
far its biggest chains, rose 3 percent. In Canada, where it
operates Peoples Jewellers, same-store sales were down 0.9
percent. Excluding the impact of currency, they rose 1 percent.
Zale also operates the mall-based Piercing Pagoda kiosks and
Signet Jewelers will report its quarterly results on
Zale reported net income of $5.1 million, or 13 cents per
share, compared with a loss of $4.5 million, or 14 cents per
share a year earlier.