NEW YORK — Piercing Pagoda has yet to break through for Zale Corp.

Saddled with a $136.3 million pretax charge for goodwill impairment on its August 2000 acquisition of Piercing Pagoda, the Dallas-based jewelry retailer reported a net loss of $46.2 million or $1.44 a diluted share for the three months ended Jan. 31, compared with earnings of $95 million, or $2.70, in the year-ago quarter. Excluding the charge, net income would have decreased 5.3 percent to $90.1 million, or $2.80, matching Wall Street’s consensus estimate.

To Read the Full Article
SUBSCRIBE NOW

Tap into our Global Network

Of Industry Leaders and Designers

load comments
blog comments powered by Disqus