8-K

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                       SECURITIES AND EXCHANGE COMMISSION
                             WASHINGTON, D.C. 20549

                                ----------------


                                    FORM 8-K

                                 Current Report

                             Dated February 2, 2006

                                       of


                                ZALE CORPORATION

                             A Delaware Corporation
                   IRS Employer Identification No. 75-0675400
                            SEC File Number 001-04129

                            901 West Walnut Hill Lane
                               Irving, Texas 75038
                                 (972) 580-4000




[_]  Written  communications  pursuant to Rule 425 under the  Securities Act
     (17 CFR 230.425)

[_]  Soliciting  material  pursuant to Rule 14a-12 under the  Securities Act
     (17  CFR 240.14a-12)

[_]  Pre-commencement communications pursuant to Rule 14d-2(b) under the
     Securities Act (17 CFR 240.14d-2(b))

[_]  Pre-commencement communications pursuant to Rule 13e-4(c) under the
     Securities Act (17 CFR 240.13e-2(c))

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Item 2.02. Results of Operations and Financial Condition

         On February 2, 2006, Zale Corporation issued a press release reporting
its sales results for the second fiscal quarter ended January 31, 2006. A copy
of the press release is being furnished as Exhibit 99.1 and is incorporated
herein by reference.

         The attached press release includes a presentation of revenues for the
three months and six months ended January 31, 2006, excluding the results of 29
Bailey Banks & Biddle stores (the "Liquidating Stores") previously announced as
designated for closure that were managed by an independent liquidator during the
period. The presentation of revenues, excluding the results of the Liquidating
Stores, is not a measure of financial performance under generally accepted
accounting principles ("GAAP") and should not be considered as an alternative to
revenues as computed under GAAP for the applicable period, which include the
results of the Liquidating Stores.

         The Company believes that a presentation of revenues excluding the
results of the Liquidating Stores is helpful to investors because the
Liquidating Stores were not operated in a manner consistent with the Company's
ongoing operations. The Liquidating Stores were in the process of liquidating
inventory and were managed by an independent liquidator during the period. In
addition, in the Liquidating Stores, the independent liquidator also sold other
merchandise that was not owned by the Company. In light of the significant
differences in the operations of the Liquidating Stores, management does not
consider the results of the Liquidating Stores in its computation of comparable
store sales and will use revenue measures adjusted to exclude the results of the
Liquidating Stores as part of its evaluation of the performance of the Company.

         The information set forth under this Item 2.02 and in Exhibit 99.1 is
being furnished and shall not be deemed "filed" for purposes of Section 18 of
the Securities Exchange Act of 1934, as amended, nor shall it be deemed
incorporated by reference in any filing under the Securities Act of 1933, as
amended, except as shall be expressly set forth by specific reference in such
filing.




                                   SIGNATURES

         Pursuant to the requirements of the Securities Exchange Act of 1934,
the Registrant has duly caused this Report to be signed on its behalf by the
undersigned hereunto duly authorized.




                                            ZALE CORPORATION
                                            ----------------
                                            Registrant


Date:    February 2, 2006                   By: /s/ Cynthia T. Gordon
                                            -----------------------------------
                                            Cynthia T. Gordon
                                            Senior Vice President,
                                            Controller
                                            (principal accounting officer
                                            of the Registrant)



                                  EXHIBIT INDEX

99.1         Press Release of Zale Corporation issued February 2, 2006

EX-99.1

                                                                    Exhibit 99.1

            Zale Corporation Announces Second Quarter Sales Results


    DALLAS--(BUSINESS WIRE)--Feb. 2, 2006--Zale Corporation (NYSE:
ZLC), North America's largest specialty retailer of fine jewelry,
today reported that for the second quarter ended January 31, 2006,
comparable store sales increased 1.4%. Comparable store sales exclude
the results of the 29 Bailey Banks & Biddle stores previously
announced as designated for closure that were managed by an
independent liquidator during the period. Total revenues for the
period, also excluding the store closures, were $978 million compared
to $952 million last year, an increase of 2.7%. Total revenues for the
period, including the store closures, were $993 million compared to
last year's revenues of $972 million for the period, an increase of
2.2%.
    Year-to-date total revenues, excluding the store closures,
increased 2.2% to $1.397 billion, compared to $1.366 billion for the
same period last year. Including the store closures, year-to-date
total revenues increased 1.9% to $1.421 billion, compared to $1.395
billion for the same period last year. Year-to-date comparable store
sales, which exclude the store closures, increased 0.6%.
    Additionally, pursuant to its stock repurchase program, the
Company purchased during the quarter approximately 2,079,000 shares of
its common stock totaling $55 million. This completes the Company's
$100 million authorization with over 3,716,000 shares repurchased at
an average price of $26.88 per share.
    Zale Corporation will announce its second quarter fiscal 2006
earnings results on February 17, 2006. A conference call will be held
at 9:00 a.m. Eastern Time. Parties interested in participating should
dial 706-643-7467 five minutes prior to the scheduled start time. A
webcast of the call, as well as a replay, will be available on the
Company's Web site at www.zalecorp.com. For additional information,
contact Investor Relations.
    Zale Corporation is North America's largest specialty retailer of
fine jewelry operating approximately 2,400 retail locations throughout
the United States, Canada and Puerto Rico, as well as online. Zale
Corporation's brands include Zales Jewelers, Zales Outlet, Gordon's
Jewelers, Bailey Banks & Biddle, Peoples Jewellers, Mappins Jewellers
and Piercing Pagoda. Through its ZLC Direct organization, Zale also
operates online at www.zales.com and www.baileybanksandbiddle.com.
Additional information on Zale Corporation and its brands is available
at www.zalecorp.com.



    CONTACT: Zale Corporation
             David H. Sternblitz, 972-580-5047
             Vice President and Treasurer