Zale Corp. narrowed fourth-quarter losses significantly, pulling itself back into the black for its fiscal year.
This story first appeared in the August 29, 2013 issue of WWD. Subscribe Today.
Quarterly losses shrunk to $8 million, or 25 cents a share, from $19.7 million, or 61 cents, a year earlier. Losses came in 8 cents better than the 33 cents analysts projected, and the jeweler’s stock shot ahead 29.8 percent to $11.63 in trading on Wall Street Wednesday.
Sales for the three months ended July 31 rose 2.5 percent to $417.1 million from $407 million as comparable sales increased 5.6 percent.
For the full year, Zale managed a profit of $10 million, up from a deficit of $27.3 million a year earlier.
“We intend to build on this momentum as we focus on driving profitable top-line growth and long-term shareholder value,” said Theo Killion, chief executive officer.