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Zale 2Q same-store sales inch up 1.4 percent

February 08, 2007

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Dallas—Zale Corp. saw lackluster sales results for the second quarter ended Jan. 31, with comparable-store sales up 1.4 percent, the company announced today.

Total revenues for the quarter were up 4.1 percent, from $979 million for the same period last year to $1.019 billion. Last year's total revenues exclude Bailey Banks and Biddle stores closed during the second fiscal quarter of 2006. With sales from store closures, total revenues increased 2.5 percent compared to last year's total revenues of $994 million.

Year-to-date same-store sales, which exclude store closures, were up 1.1 percent. Year-to-date total revenues were up 3.9 percent to $1.45 billion, versus $1.38 billion for the same period last year. Including store closures, year-to-date total revenues increased 2.2 percent.

In a statement, the company said it's comfortable with the higher end of previously issued guidance of diluted earnings per share in the range of $1.85 to $1.90 for the second fiscal quarter. That excludes the impact of derivative accounting under SFAS 133.

Zale will announce its second-quarter fiscal-earnings results in a conference call on Feb. 21.
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