Zale Earnings Jump 36%, Beating Forecasts

Zale Corp., the biggest U.S. specialty jewelry retailer, said fiscal fourth-quarter profit rose 36% to $11.6 million, or 32 cents a share, beating analysts’ expectations of 29 cents. Zale, based in Irving, Texas, said sales jumped 15% to $373.8 million. Sales at stores open at least a year rose 6.4%. Zale also said that Robert DiNicola retired as chairman and will be replaced by Chief Executive Beryl Raff. DiNicola is credited with reviving Zale in the early 1990s, when slumping sales and debt forced the company to seek bankruptcy protection. He ceded the title of chief executive to Raff in September. Zale closed off 63 cents at $37 on the NYSE.