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Which Credit Card Rewards Does the IRS Care About?Zale Corporation (NYSE: ZLC) is
a specialty retailer of fine jewelry, operating over 2,100 retail locations throughout the United States, Canada and Puerto Rico. Company brands include Zales Jewelers, Zales Outlet, Gordon's Jewelers, Peoples Jewellers, Mappins Jewellers and Piercing Pagoda. The firm also operates Zales and Gordon's websites. Wal-Mart (NYSE: WMT) is a major competitor.
The firm surprised investors late last month, when it reported a Q4 loss of 48 cents and revenues of $456.2 million. Analysts had been looking for a loss of 57 cents and $448.9 million. There was a 6.1% year over year increase in Q4 comparable store sales. Management also guided FY09 EPS to $1.10-$1.25, versus Street consensus of 90 cents. The CEO spoke of implementing programs designed to simplify product assortment and eliminate organizational redundancies.
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