Zale 2Q Profit Drops 31%

Dallas Zale Corp. said Thursday that profit dropped 31% in its second-quarter due to declining same-store sales.

New CEO Neal Goldberg called the results disappointing but said the company was reducing excess inventory and would make its stores more appealing to price-sensitive customers.

The company said net income declined to $60.8 million from $88.1 million a year earlier.

Revenue fell 7% to $827.8 million and was below the $841.3 million forecast by analysts. Same-store sales were down 7.3%.