Irving, Texas, Zale Corp. announced net earnings of $4.1 million for its fourth quarter ended July 31, down 40.5% from a year ago. Total revenues grew 3.7% to $472.3 million.
For the fiscal year, the jeweler posted flat net earnings of $106.8 million. Total revenues for the year increased 3.4% to $2.4 billion on same-store sales growth of 0.3%.
Zale president and CEO Mary Forte said underperformance of the Zale brand is responsible for the retailer’s disappointing results.
Zale also announced that after the holiday season, it will close between 30 and 35 underperforming stores in its Bailey Banks & Biddle luxury-goods stores.