Zale Holiday Sales Decline 19.5%

Zale Corporation on Thursday reported that comparable store sales decreased 19.6 in the holiday season - the months of November and December. Total revenues for the two-month period were $582 million compared to $723 million last year, a decrease of 19.5 percent.

November comparable same store sales declined 13% and December same store sales declined 22%.

November sales were boosted by Thanksgiving weekend sales. December sales improved during the week leading up to Christmas, and the general post-Christmas trend has been good as well.

At December 31, inventory levels were approximately $115 million less than the prior year, and the overall assortment is much more current than last year, the retailer said.

“This holiday period was the most difficult in memory due to the overall macroeconomic situation, Zale Chief Executive Officer Neal Goldberg said. “This environment dictated a very aggressive promotional stance with a focus on cash flow and inventory levels.”