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RAPAPORT... Zale Corporation reported that revenue fell 1.9 percent year on year to $556 million for the Christmas season, which included the months of November and December. However, same-store sales rose 0.7 percent and that figure was slightly higher, up 2 percent, when based on constant-exchange-rates. Same-store sales figures included ecommerce revenue. 
The jewelry retail chain explained that the decrease in revenue during the all-importan holiday period was primarily the result of having closed 91 stores in the past year, coupled with a weaker Canadian dollar. “During the Christmas period, we maintained our focus on increasing exclusive product penetration, driving gross margin improvement and building our core national brands,” said Zale's CEO, Theo Killion. “We executed a solid holiday season despite a challenging retail environment. Our holiday performance gives us confidence we can achieve our financial expectations for the fiscal year.” The company's second fiscal quarter closes on January 31, at which time Zale anticipates having recorded a 200-basis-point increase in gross margin, at 52.6 percent, due to increased cost efficiencies that were executed during the period.
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