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EXHIBIT 99.1
CONTACT: Investor:
Cynthia T. Gordon
Senior Director, Investor Relations
(972) 580-5047
Media:
Mary Forte
Executive Vice President and
Chief Administrative Officer
(972) 580-4810
ZALE AUTHORIZES $50 MILLION STOCK REPURCHASE PROGRAM
DALLAS, Texas, July 18, 2000; Zale Corporation (NYSE: ZLC), the largest
specialty retailer of fine jewelry in North America, today announced that its
Board of Directors has approved a $50 million stock repurchase program beginning
with the Company's fiscal year commencing August 1, 2000.
Under the program, the Company, from time to time at the discretion of
management and the Board of Directors and in accordance with the Company's usual
policies and applicable securities laws, may purchase up to an aggregate of $50
million of Zale Corporation common stock on the open market through July 31,
2001. This marks the Company's fourth such repurchase plan in as many years. The
most recent, a $50 million program authorized in September 1999, was completed
in April 2000.
"This decision illustrates the confidence we have in our business and
our long term growth strategy," said Robert J. DiNicola, Chairman of the Board.
"The authorization of another stock repurchase program combined with the cash
provided by the sale of our receivables portfolio gives us even greater
flexibility to create value for our stockholders."
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Zale Corporation operates approximately 1,360 specialty retail jewelry
stores located throughout the United States, Canada, Puerto Rico, and online,
including Zales Jewelers, Zales Outlet, Zale.com at www.zales.com, Gordon's
Jewelers, Bailey Banks & Biddle Fine Jewelers and Peoples Jewellers. Additional
information on Zale Corporation and its operations is available on the Internet
at www.zalecorp.com.
This release includes forward-looking statements, including the implicit
expectation that the Company will repurchase shares of its common stock, that
are based upon management's beliefs as well as on assumptions made by and data
currently available to management. These forward-looking statements are subject
to a number of risks and uncertainties, including but not limited to the
following: the availability of funds with which to repurchase the shares; the
possibility that shares will not be available for repurchase at desired prices;
the possibility that the Company's future performance may require the share
repurchase program to be suspended or discontinued; the possibility that the
Company might not, because of its possession of non-public information or
otherwise, be able to repurchase shares at the most opportune time; and the risk
factors listed from time to time in the Company's Securities and Exchange
Commission reports, including but not limited to, its Annual Reports on Form
10-K. Actual results may differ materially from those anticipated in such
forward-looking statements. The Company undertakes no obligation to update or
revise any forward-looking statements to reflect subsequent events or
circumstances even if experience or future changes make it clear that any
projected results expressed or implied therein may not be realized.
