Zale noted a 5 percent drop in its revenues to $359.8 million for the three months ending April 30, 2010, and a 2.2 percent dip in its same-store sales for the said period. The three months saw the company’s net losses reducing from $19.5 million in the same period in 2009 to $12.1 million in the quarter ending April 30, 2010. It has also reduced its inventory levels by $70 million to $693 million. %% The company has also reduced its long terms debt which valued $299.3 million at the end of the said quarter from $332.8 million one year ago. Cost of sales also reduced by 6.3 percent for a gross margin of 50.8 percent, versus 50.1 percent reported one year ago. Zale also incurred a $4.2 million charge for "certain slow-moving inventory’, as reported in a leading media. In the said three months the company had shut down six stores, and had closed 149 stores in the past 12 months.