Wednesday, 11th February 2004 (4669 views)

Zale, the largest specialty retailer of fine jewellery in North America, has reported a 4.3 per cent increase in comparable-store sales for the second quarter ended January 31.

The group is also one of the largest retailers of gold jewellery in the US, much of which is in its bridal collection that represents the largest part of the chain's business.

Total revenues for the period were $949 million compared to last year's second-quarter revenues of $908 million.

For the financial year-to-date, Zale's total revenues increased 3.5 per cent to $1.37 billion, compared to $1.32 billion for the same period last year.

On a year-to-date basis, comparable-store sales increased 3.4 per cent, suggesting a growing demand for the luxury goods in the US.

The company filed for Chapter 11 bankruptcy protection in 1992 but the following year emerged from bankruptcy after restructuring its debt.

Five years later, annual sales topped $1.3 billion - up from $920 million in 1994 - and a 25 per cent net earnings growth (excluding unusual items).

Zale now operates approximately 2,300 retail locations throughout the United States, Canada, and Puerto Rico as well as online.

 

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