Zale Corp. Reports Quarterly Loss of $3.03 Per Share

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Jeweler Zale Corp. (ZLC) reported a loss from continuing operations of $3.03 per share for the quarter ended Oct. 31, compared with a loss of $1.87 per share a year earlier.

The results for the first quarter of fiscal 2011 included a charge to interest expense of $46 million. This resulted from the first amendment to a senior secured term loan, the company said in a statement.

Revenue for the quarter fell 0.7% to $327 million, with sales at stores open at least one year down 1.1%.

In the year-ago quarter, sales at stores open at least one year fell at annual rate of 6.8%.

"Since February 2010 when we began implementing our turnaround plan, each fiscal quarter has shown improvement," said CEO Theo Killion. "The second fiscal quarter will provide an important barometer of the progress we're making in our turnaround."

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