Zale Corp.’s proposed sale of its Piercing Pagoda division appears to be off, executives indicated on a Feb. 23 conference call.
“We are not currently pursuing any asset sales,” executive vice president and chief financial officer Matt Appel told a financial analyst when asked about the sale.
The company had received interest in the division from Apollo Capital Management, which reportedly wanted to run the business in conjunction with its costume jewelry chain Claire’s.
The news comes as the company reported some of its
best results in years. Comparable sales for the second quarter ended Jan. 20
were up 7.9 percent, and the company posted a $27.2 million
profit. Revenue grew nearly 7.6 percent to $626.4 million.
“This quarter marked a turning point for the Company as we returned to positive same store sales,” Appel said in a statement.
For more information on Zale’s financial statement, click here.
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