8-K

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                       SECURITIES AND EXCHANGE COMMISSION
                             WASHINGTON, D.C. 20549

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                                    FORM 8-K

                                 Current Report

                               Dated May 10, 2007

                                       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) 12 under the
Securities Act (17 CFR 240.14d-2(b))

[ ] Pre-commencement communications pursuant to Rule 13e-4(c) 12 under the
Securities Act (17 CFR 240.13e-2(c))

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Item 2.02. Results of Operations and Financial Condition

         On May 10, 2007, Zale Corporation issued a press release reporting its
sales results for the third fiscal quarter ended April 30, 2007. A copy of the
press release is being furnished as Exhibit 99.1 and is incorporated herein by
reference.

         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.




                                  EXHIBIT INDEX

99.1              Press Release of Zale Corporation issued May 10, 2007.




                                   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:    May 10, 2007                   By:   /s/ Cynthia T. Gordon
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                                                  Cynthia T. Gordon
                                                  Senior Vice President,
                                                  Controller
                                                  (principal accounting officer
                                                  of the Registrant)




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EX-99.1

                   Zale Announces Third Quarter Sales Results

     DALLAS--May 10, 2007--Zale Corporation (NYSE: ZLC), a leading specialty
retailer of fine jewelry in North America, today reported that for the third
quarter ended April 30, 2007, comparable store sales decreased 3.4%. Revenues
for the third quarter were $511.9 million compared to last year's revenues of
$526.9 million, a decrease of 2.9%. Revenues recognized were $8.7 million or
1.7% less than the prior year as a result of the change made in the method of
amortizing jewelry protection plan sales due to a change in the product offering
from a two-year to a lifetime agreement during the second quarter. While
recognized revenue from the plans declined, actual sales of these plans
increased to $27.8 million from $17.8 million in the third quarter of fiscal
2006.

     Year-to-date revenues were flat at $1.95 billion, compared to the same
period last year. Year-to-date comparable store sales decreased 0.1%.

     "Our comp store performance was consistent with expectation," commented
Betsy Burton, Chief Executive Officer. "We remain focused on balancing top line
sales with maximizing gross margin dollars."

     The Company indicated it is comfortable with GAAP earnings per share in the
range of ($0.07) to ($0.11) for the third quarter. This guidance includes the
($0.14) impact due to the decline in revenue recognized from the change to its
jewelry protection plan offering and $0.03 for the net impact of derivative
versus hedge accounting. Excluding these items, the Company expects earnings per
share at the high end of previously issued guidance of $0.00 to $0.04 per
diluted share.

     Zale Corporation will announce its third quarter fiscal 2007 earnings
results on May 22, 2007. A conference call will be held at 9:00 a.m. EST.
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 a leading specialty retailer of fine jewelry in North
America operating approximately 2,300 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
Fine Jewelers, Peoples Jewellers, Mappins Jewellers and Piercing Pagoda. Through
its ZLC Direct organization, Zale also operates online at www.zales.com,
www.baileybanksandbiddle.com and www.gordonsjewelers.com. Additional information
on Zale Corporation and its brands is available at www.zalecorp.com.

     This release contains forward-looking statements, including statements
regarding the Company's earnings for the third quarter of fiscal year 2007.
Forward-looking statements are not guarantees of future performance and a
variety of factors could cause the Company's actual results to differ materially
from the results expressed in the forward-looking statements. These factors
include, but are not limited to: if the general economy performs poorly,
discretionary spending on goods that are, or are perceived to be, "luxuries" may
not grow and may even decrease; the concentration of a substantial portion of
the Company's sales in three, relatively brief selling seasons means that the
Company's performance is more susceptible to disruptions; personnel costs are a
substantial portion of our expense structure and are difficult to control in the
short-term; most of the Company's sales are of products that include diamonds,
precious metals and other commodities, and fluctuations in the availability and
pricing of commodities could impact the Company's ability to obtain and produce
products at favorable prices; the Company's sales are dependent upon mall
traffic; the Company operates in a highly competitive industry; changes in
regulatory requirements or in the Company's private label credit card
arrangement with Citibank U.S.A., N.A. may increase the cost of or adversely
affect the Company's operations and its ability to provide consumer credit and
write credit insurance; acquisitions involve special risks, including the
possibility that the Company may not be able to integrate acquisitions into its
existing operations. For other factors, see the Company's filings with the
Securities and Exchange Commission, including its Annual Report on Form 10-K for
the fiscal year ended July 31, 2006. The Company disclaims any obligation to
update or revise publicly or otherwise any forward-looking statements to reflect
subsequent events, new information or future circumstances.

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