I haven't worked with magnetic sensors, but I would guess that you need to look at the specification table (as shown in the attached picture).
From what I understand, the output is biased at 2048 counts and will change with a (typical) rate of 512 counts/gauss. If you get 0 on the output, that would imply a magnetic field of |-2048 / 512| = 4 gauss.
I have no idea if this number makes any sense, and I might be totally wrong. Corrections are more than welcome!