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Published
Sep 9, 2009
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Zale postpones fourth quarter results for accounting review

By
Reuters
Published
Sep 9, 2009

NEW YORK, Sept 8 (Reuters) - Zale Corp (ZLC.N) postponed its fourth-quarter earnings release for the second time in a week, citing an accounting review.


Photo: www.zales.com

The Dallas-based diamond and jewelry retailer said on Tuesday 8 September it must finalize a review of accounting of prepaid advertising costs that surfaced during the company's year-end closing process, prompting the latest delay.

Last week, the earnings report was postponed after Zale found certain non-cash adjustments affecting previous results, causing its shares to fall 11 percent.

Zale, which caters to middle-income shoppers, said the adjustments were about $13 million pretax, of which about $6.3 million relates to years prior to fiscal 2000.

A Zale spokesman declined to elaborate on whether the adjustments would benefit or hurt earnings, and what quarters are impacted.

The company has not yet set a new date to announce earnings.

Zale edged down 1 cent to close at $5.85 on the New York Stock Exchange.

(Reporting by Steve Eder; Editing by Richard Chang)

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