Here we go again, folks.

Jewelry retailer ZaleCorp. (NYSE:ZLC) once again had an uninspiring quarter, and management once again looked to place the blame somewhere outside the executive offices. In this particular case, it was apparently the ongoing restructuring at the core Zales chain that led to the difficulties.

In line with guidance handed out earlier this month, sales were up about 1%, while comp-store sales dropped a bit more than 1%. While management didn't go into exceptional detail, it would appear that Zales and Piercing Pagoda were the weaker performers of the bunch, with Zales seeing a high-single-digit drop in average transaction size.

The company doubled its operating and net losses on an as-reported basis, although eliminating expenses tied to the closure of 30 Bailey Banks & Biddle stores changes the picture a bit. Backing out those $5 million or so in expenses means that the net loss was just 69% higher for the quarter instead of 116%. Yee-hah.

As mentioned, management wants to write the poor performance this quarter off to difficulties in "repositioning the Zales brand." That's classic management-speak. And while they said they now believe that customers see appreciable differences in the stores, having just been to my local mall, I can say that I do not see any such appreciable changes. The jewelry stores all still look more or less the same -- modestly lit so as to enhance the "bling" factor and staffed with desperate salespeople in suits who will pounce the minute you get within a yard of a display case.

And people wonder why online jewelry retailer Blue Nile (NASDAQ:NILE) is gaining share?

I'll still concede that Zale Corp. could turn this around. The brand is well-known, debt is under control, and expectations seem to be pretty low nowadays. Certainly this holiday season will be important, as it is for all retailers. But I do think shareholders still have a reason to wonder why financial performance has been so mediocre in such a healthy time for retail spending.

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Fool contributor Stephen Simpson has no financial interest in any stocks mentioned (that means he's neither long nor short the shares).