Weak November sales are most likely the catalyst for the mass selloff of Zales Corporation (ZLC) stock today.
Same store sales were down 18.6% for November compared with last year. Currently, the stock is down 22% to $3.89 a share.
Reuters: The Dallas-based chain, which is being investigated by the U.S. Securities and Exchange Commission over the accounting practices that led it to restate its 2008 and 2009 earnings , gave no update on those proceedings. However, it said it did not believe the probe “will have a material effect” on its financial results.
I guess diamond’s aren’t forever after all.