Zale Corp. Q2 Earnings Advance

(RTTNews) - Jewelry retailer Zale Corp. (ZLC) Thursday reported a rise in earnings for the second quarter, despite a decline revenue, mainly due to an improved gross margin.

Earnings increased to $50.79 million or $1.13 per share, from $41.21 million or $1.02 per share a year ago.

On average, 5 analysts polled by Thomson-Reuters estimated the company's earnings to be $1.04 for the quarter. Analysts' estimates typically exclude one-time items.

Cost of sales decreased to $308.83 million from $331.1 million a year ago. Consequently, gross margin improved to 53 percent from 50.6 percent a year earlier.

Revenues, on the other hand, declined to $656.45 million from $670.75 million a year earlier. Analysts had expected revenues of $656.30 million. Comparable store sales increased by 0.6 percent.