Zale reports modest second-quarter growth

Zale Corp. said Thursday that comparable store sales increased 1.4 percent for the second quarter. Total revenues for the period, ended Jan. 31, were $978 million, 2.7 percent increase over the previous year. These figures exclude the 29 Bailey Banks & Biddle that are designated for closure.

Total revenues for the period, including the store closures, were $993 million compared to last year’s revenues of $972 million for the period, an increase of 2.2 percent.

Year-to-date total revenues, excluding the store closures, increased 2.2 percent to $1.397 billion, compared to $1.366 billion for the same period last year. Including the store closures, year-to-date total revenues increased 1.9 percent to $1.421 billion, compared to $1.395 billion for the same period last year. Year-to-date comparable store sales, which exclude the store closures, increased 0.6 percent.

Additionally, pursuant to its stock repurchase program, the Company purchased during the quarter approximately 2,079,000 shares of its common stock totaling $55 million. This completes the Company’s $100 million authorization with over 3,716,000 shares repurchased at an average price of $26.88 per share.