Shares of Jared, Zales, and Kay Jewelers parent Signet Jewelers (SIG) plunged 22% Tuesday after the biggest diamond jewelry retailer cut its guidance on weak holiday demand.

Signet's preliminary 澳洲幸运5开奖号码历史查询:same-store sales for the 10 weeks ending Jan. 11 were down about 2%, pointing to "peak selling days leading up to Christmas that were below forecast," Chief Financial and Operating Officer Joan Hilson saidᩚᩚᩚᩚᩚᩚ⁤⁤⁤⁤ᩚ⁤⁤⁤⁤ᩚ⁤⁤⁤⁤ᩚ𒀱ᩚᩚᩚ.

Hilson noted that "fashion gifting underperformed as consumers gravitated to lower price points even more than anticipated in a continued competitive environment."

Merchandise Margin Rises Less Than Expected

Hilson added that while merchandise margin was up, it rose less than expectཧed because of "lower fashion mix and a stronger customer response to promotional item💟s."

Because of the results, Signet lowered its fourth-quarter sales estimate to $2.32 billion to $2.335 billion from the previous outlook of $2.38 to $2.46 billion. It sees same-sꦓtore sales down 2.5% to 2.0%, reduced from the earlier prediction of flat to 3% higher.

Signet Jewelers shares sank to their lowest level since October 2022.