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Investment group grabs chunk of Zale

September 26, 2007

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Dallas—Citadel Limited Partnership has acquired 2.6 million shares of Zale Corp.'s common stock, giving the investment group a 5.31 percent share of the retail jewelry company, according to a U.S. Securities and Exchange Commission statement filed on Tuesday.

The impact of the acquisition on the Irving, Texas-based retailer was not immediately clear, but in the filing Citadel said that the securities "were not acquired and are not held for the purpose of or with the effect of changing or influencing the control" of Zale.

The announcement follows a slight dip in sales and revenues for the retailer in its last fiscal quarter. Same-store sales at Zale Corp. decreased 0.5 percent for the fourth quarter ended July 31, while fourth-quarter revenues decreased 0.6 percent to $488 million, compared with $491 million for the same period last year. Full fiscal-year same-store sales decreased 0.2 percent, while full fiscal-year revenues were flat at $2.44 billion, compared with the same period last year.
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