Dallas Zale Corp. said Tuesday it lost $45.3 million in its fiscal first quarter compared to a loss of $28.4 million a year ago. Revenue fell 3% to $364.1 million, falling short of a consensus expectation from Wall Street. Same-store sales fell 3.7%.
The company withdrew its profit guidance for the full year, saying it cannot reliably gauge how the all-important holiday shopping season will go.
"In view of the uncertainties surrounding the national economy and consumer spending in these extraordinary times, the company does not believe it can reliably gauge likely holiday performance or sales in the balance of fiscal 2009 with any precision," the chain said in a statement read.