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Zales Reports Revenue Loss.
On the heels of Fortunoff's Chap. 11 filing comes the announcement by Zales that they report a 7.3 percent fall in comparable store sales in the second quarter ended January 31. The U.S. fine jewelry specialty retailer said Thursday that revenues for the second quarter were $827 million compared to $892 million last year.
The company said that while it had a 5.7 percent January comparable store sales increase, approximately 3 percentage points were related to the timing of a Valentine's Day customer appreciation event.
Year-to-date total revenues decreased 5.5 percent to $1.204 billion, compared to $1.274 billion for the same period last year. Year-to-date comparable store sales decreased 5.1 percent.
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