Reuters: Global Markets: Zale's loss worse than expected, shares tumble

Reuters: Global Markets Reuters.com is your source for breaking news, business, financial and investing news, including personal finance and stocks. Reuters is the leading global provider of news, financial information and technology solutions to the world's media, financial institutions, businesses and individuals. // via fulltextrssfeed.com

Zale's loss worse than expected, shares tumble Nov 20th 2012, 21:32 Tue Nov 20, 2012 4:32pm EST (Reuters) - Zale Corp (ZLC.N), which offers affordable jewelry to middle-class shoppers, on Tuesday posted a deeper quarterly loss than Wall Street expected on sales that did not meet expectations, and shares fell more than 11 percent in after-hours trading. Fourth-quarter revenue rose 1.8 percent to $357.5 million, missing analyst projections of $364.7 million, according to Thomson Reuters I/B/E/S. The net loss narrowed from a year earlier, but was 20 cents per share bigger than analysts had expected. Shares fell 83 cents to $6.61 in after-hours trading after the company released its results. Last Tuesday, Zale shares reached $7.66, their highest level since 2009. Zale reported its eighth straight quarter of same-store sales gains. Zale's U.S. fine jewelry brands unit, which accounts for about 70 percent of annual revenue and consists of Zales Jewelers, Zales Outlet and Gordon's Jewelers, posted a 3.9 percent increase in same-store sales in the quarter. The company, which operates Peoples Jewelers in Canada, reported company wide a same-store sales gains of 3.7 percent excluding the impact of current translations. The company's net loss for the first quarter narrowed to $28.3 million, or 88 cents per share, from $31.9 million, or 99 cents per share, a year earlier. (Reporting by Phil Wahba in New York; Editing by David Gregorio) Link this Share this Digg this Email Reprints

You are receiving this email because you subscribed to this feed at blogtrottr.com. If you no longer wish to receive these emails, you can unsubscribe from this feed, or manage all your subscriptions