For the full fiscal year ended July 31, Zale Corp. reported net income of $143.9 million, up 75% from $82 million the previous year. Results for the latest fiscal year included an accounting adjustment of $41.3 million to write off excess revalued net assets. Revenue rose 5% to $2.19 billion from $2.09 billion. Comparable-store sales inched up 1.5%.
In addition, Zale Corp.’s fiscal fourth-quarter profit rose 24%, in line with its previously lowered estimate, despite the tough retail environment and a sizable payment to a former executive, the Associated Press reported.
Zale, the largest U.S. specialty jewelry chain, Thursday reported net income of $3.7 million for the period that ended July 31, compared with $3 million a year earlier, the AP reported.
The results for the latest period included $2.3 million in severance and other benefit payments in conjunction with management changes. A company spokesman said most of the amount was for payments for Alan P. Shor, Zale’s former president and chief operating officer. Zale announced last month that Shor had resigned to pursue other interests, the AP reported.
Excluding this expense, Zale earned $5.1 million.
Revenue grew 3.2% to $435.6 million from $422 million, the AP reported. Comparable-store sales, or sales in stores open at least a year, rose 2% on a constant-currencies basis.
For the full fiscal year ended July 31, Zale reported net income of dlrs 143.9 million, or dlrs 4.13 a share, up 75 percent from dlrs 82 million, or dlrs 2.36 a share, the previous year. Results for the latest fiscal year included an accounting adjustment of dlrs 41.3 million, or dlrs 1.18 a share, to write off excess revalued net assets. Revenue rose 5 percent to dlrs 2.19 billion from dlrs 2.09 billion. Comparable-store sales inched up 1.5 percent.