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Post By : AFNS On 02 May 2006 12:00 AM
Zale Corporation, North Americas largest specialty retailer of fine jewelry, recorded 0.9% increase in sales for the combined months of November and December 2005.
November comparable store sales decreased approximately 6%, while December comparable store sales increased by more than 3 %. Gordons Jewelers, Bailey Banks & Biddle Fine Jewelers, Zales Outlet, and Zale Canada each achieved a 6% or greater comparable store sales increase for the two-month period, while Zales Jewelers and Piercing Pagoda together had a comparable store sales decline of approximately 4%.
"Although we are disappointed that we did not achieve our overall holiday sales objective, we are very pleased with the strong performances we had at four of the companys six brands," commented Mary L. Forte, president and CEO. "The underperformance at our Zales brand and at Piercing Pagoda had a significant impact on our consolidated results. The repositioning at Zales is in its early stages and did not produce the results we expected this holiday. However, the strong performance achieved by our other brands that are further along in a number of our corporate initiatives clearly indicates that the strategy is working and we are on the right track."
The Zale figures exclude the results of the 29 Bailey Banks & Biddle stores that the company has slated for closure and that were managed by an independent liquidator during the period. Total revenues for the two-month period, also excluding the store closures, were $861 million compared to $844 million in 2004, an increase of 2 percent. Total revenues for the two-month period, including the store closures, were $873 million compared to 2004 revenues of $861 million for the period, an increase of 1.4 percent.

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