Dallas Zale Corp. reported Tuesday that it lost $57.6 million in the fiscal first quarter ended Oct. 31, compared with a loss of $48.4 million in the year-ago period.
The jewelry retailer also saw revenues sag 9.6%, dropping to $329 million for the quarter, compared with $364 million in the prior year. Comp-store sales declined 6.8%. Analysts, on average, estimated sales of $319.2 million.
Zale has closed a total of 209 retail locations since Oct. 31, 2008.
“Continuing steps to reduce costs will complement stronger pricing discipline and reduced inventory purchases as we work to enhance free cash flow,” said Matt Appel, CFO. “We are taking strong steps to achieve higher margin realization, while also continuing a trend toward lower aggregate inventory throughout the system.”
Zale operates 1,930 retail locations throughout the United States, Canada and Puerto Rico, as well as online.