Zale Corp.'s fiscal fourth-quarter profit will be less than forecast because of slowing sales at the largest North American jewelry retailer. Shares fell 15%, the biggest drop in at least two decades.
Profit will be 14 cents to 17 cents a share, excluding costs, in the quarter ending July 31, Zale said. The average estimate of analysts surveyed was 24 cents. Sales at stores open at least a year will rise 1% to 2%, the jewelry seller said.