Zale Quarterly Results up Just 3.5%

U.S. jewelry retailer Zale Corp said on Thursday total revenues rose just 3.5 percent to $472 million for quarter ended July 31, and reported a 0.1 percent slide in sales at stores open at least a year during that period.

Zale said its figures were hit by a number of major initiatives, including upgrading merchandise assortments and adjusting distribution.

"Our goal of having many of the new initiatives in place for the beginning of our fiscal year created more short-term disruption in the quarter than we anticipated," said Zale Chief Executive Mary Forte.

Zale said it now expects to earn between 7 and 9 cents a share in the fourth quarter.