Zale (ZLC) Narrows Loss, Beats Street Estimates

Jewelry retailer Zale Corporation ZLC announced on Wednesday morning that it beat consensus Wall Street estimates. Zale Corporation reported that its fiscal 3rd quarter loss narrowed to $12.1 million, or 38 cents per share, from a loss of $19.5 million, or 61 cents per share, a year earlier. As of April 30 2010, Zale Corporation had 149 fewer stores than it did the previous year, which is partly responsible for a fall in sales of 5.1% to $359.8 million. Same store sales fell 2.2% from last year. According to a survey of analysts by Thomson Reuters, the average Wall Street estimate called for a loss of 95 cents per share.