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Zale Corp. posted a higher second quarter profit even though revenues slipped in the period.
For the three months ended Jan. 31, net income rose 23.2 percent to $50.8 million, or $1.13 a diluted share, from $41.2 million, or $1.02, a year ago. Revenues in the quarter slid 2.1 percent to $656.4 million from $670.8 million, while comparable-store sales rose 0.6 percent.
The company said the decrease in revenues was due to 86 fewer stores in the quarter compared with the year-ago period, and in part to the decline in the Canadian exchange rate.
The company said after the quarter ended that it agreed to be acquired by Signet Jewelers Ltd for $1.4 billion. The transaction is subject to the approval of Zale shareholders and the requisite regulatory requirements. The deal is expected to close by the end of 2014.