There was a 20 percent drop in the sales at Zale during the fiscal third quarter. In the said period sales amounted to $379.1 million. Net loss amounted to $23.2 million, which was higher than $16.8 million worth of net loss in the fiscal third quarter of 2008. The cost of sales did dip to 24 percent and valued at $189.1 million, allowing for the gross margin to increase to 50.1 percent, which was higher than the 47.5 percent gross margin of last year.

The retailer’s same-store sales were lowered by 20 percent, while inventory slipped by 12 percent to $759 million. Total assets decreased by 16 percent to $866.2 million. The company is reported to have accounted an outstanding debt worth $57 million in the said quarter that ended April 30, 2009.