Zale Delays Release Fiscal Results

Zale Corporation on Wednesday announced that it has rescheduled the release date for its fiscal 2009 financial results to September 9, delaying it by a week.

The North American jewelry retailer said that as it was finalizing the report “certain non-cash adjustments were identified impacting prior period results aggregating approximately $13.0 million pre-tax, of which approximately $6.3 million relates to years prior to fiscal 2000. The Company is in the process of finalizing the appropriate accounting treatment for those adjustments.”

Zale posted a net loss of $23.2 million in the third quarter, compared to a loss of $17.4 million in the third quarter of 2008. Zale suffered from a growing decline in sales, falling to $379 million from $477 million a year ago.

It revealed in early August that it has closed 160 stores during the past year.