NEW YORK — Zale Corp. concluded a year of repositioning with double-digit gains in fourth-quarter and yearend earnings on more modest sales increases.
For the three months ended July 31, income rose 23.6 percent to $3.7 million, or 11 cents a share, compared with $3 million, or 9 cents, in the year-ago quarter. The results include a charge relating to severance and other benefit payments connected with executive management changes. Excluding the charge, income would have been $5.1 million, or 15 cents a diluted share. Sales increased by 3.2 percent to $435.6 million from $422 million, while comparable-store sales were up 2 percent.
A Stella McCartney sketch of a custom dress made from protein-based silk in partnership with biotech lab Bolt Threads. The dress will be displayed at The Museum of Modern Art's upcoming design exhibition, "Items: Is Fashion Modern?"