Zale’s Travails

Challenges remain for Zale Corp., with the news in October particularly unsettling: The company lost $189.5 million in the 2009 fiscal year compared with a net loss of $6.5 mil-lion in fiscal year 2008. The Securities and Exchange Commission is investigating Zale's recent restatement of its prior financial results. The company is cooperating with the investigation. Kendall Law Group announced a shareholder investigation of Zale Corp. for possible securities violations. After release of its financial results, the company's stock, which had been rising for most of the year, lost a quarter of its value. First-quarter 2010 comparable store sales were down an estimated 8 percent. That was considered encouraging compared with the 21.2 percent drop in the fourth quarter of 2009.
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