Sep. 2--Irving-based Zale Corp. said Wednesday that it will report earnings a week later than planned in order to account for $13 million in non-cash adjustments identified.

The jewelry retailer's fiscal fourth quarter and year-end results will be released on Sept. 9.

Zale said that during its year-end review, $13 million in non-cash, pre-tax adjustments were identified that affected prior year results, of which about $6.3 million dated back to the 1990s.

The extra time was needed to finalize the "appropriate accounting treatment for those adjustments," the company said.

On Tuesday, Zale's stock fell 58 cents, or 9 percent, to close at $5.90 a share.

"Zale has disappointed investors for three consecutive quarters with earnings missing expectations by an average margin of 39 cents share," said Zacks.com analyst Charles Rotblut. Ahead of the company's fiscal fourth-quarter report, most analysts covering the company lowered projections.

Analysts surveyed by Thomson Reuters forecast a fourth-quarter loss of 72 cents a share. That compares to a loss of 15 cents last year.

For the fiscal year ended in July, analysts forecast a loss of $2.61 a share. In fiscal 2008, the company earned 6 cents a share.

Last month, Zale said it closed 118 stores in its fiscal fourth quarter and must pay landlords millions to close Bailey Banks & Biddle stores it no longer owns.

Zale said it would take a $50 million charge in the quarter to cover the costs of closing its own stores and settling leases that it guaranteed when it sold the Bailey Banks & Biddle chain to Finlay Enterprises Inc. in 2007. Finlay filed for bankruptcy protection in August and is liquidating.

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