Same store sales are up, they are cutting management and stores. The nationwide credit crisis is over, however unemployment is still high due to no housing sector. If employment jumps sss will rise further, if unemployment remains same sss will be flat. They will be profitable as-is if unemployment does not rise.
I would't be surprised to see a buyout of the tangible book value of $10 per share. The debt levels really are not bad at under 400m compared to revenue and 50% margins. Its their cash position thats killing them. This is one will either be bought out or an equity placment by another firm. With a good cash positino combined with inventory under control and 50% plus margins, Zales is worth $30 dollars / share at the current float.
same store sales were down. there is no book value when inventory is marked to market. company is out of liquidity and admits it needs to raise over $100 million June. 10q is required by March 15. I suggest you read it carefully.