Irving Based Zale Corp. Posts Bigger Loss

Jewelry retailer Zale Corp. posted a net loss of $23.2 million during its fiscal third quarter, an increase of 33 percent compared to the loss it posted in the same quarter last year. The company also named Mathew W. Appel its new chief financial officer, executive vice president, effective June 15.

Appel joins Zale Corp. from ExlService Holdings Inc., where he served as vice president and chief financial officer.

Irving-based Zale's (NYSE: ZLC) third-quarter loss amounted to 73 cents per share, compared to a net loss last year of $17.4 million, or 42 cents per share.

Meanwhile, revenue for the most-recent quarter hit $379 million, which is down from $477 million a year earlier. The company’s sales fell 20 percent when compared to the previous year. Zale says its 2008 third-quarter sales were actually up 5.8 percent last year due to a clearance sale that cut back on inventory.

Zale continues to realign its business by closing under-performing stores, cutting operating expenses and adjusting rents and leases to keep them in line with current sales trends.