Shares of Zale Corp. (ZLC) catapulted more than 20% by afternoon trade after the jewelry retailer reported on Wednesday that it swung into fiscal third quarter profit. The Company also announced that the appointment of its new Chairman, Terry Burman, who previously served at the Chief Executive at rival firm, Signet Jewelers Ltd. For the fiscal third quarter ended April 30, Zale reported a net income of $5.05 million or 13 cents a share compared to year-earlier loss of $4.53 million or 14 cents a share. Revenue edged down 0.6% to $442.7 million, in the fiscal third quarter. Analysts’ consensus estimate was for earnings of loss of penny a share on revenue of $443 million. Gross margin widened to 52.6% from 51.3%, in the same quarter of last fiscal. Comparable-store-sales rose 1.4% while analysts’ consensus estimate was for 2% fall.
Continue reading Major Movers on May 22; ZLC, NTAP, TGT, TOL, SKS