Signet Jewelers shares drop after holiday same-store sales disappoint

A pedestrian walks past a Zales store in New York.
Scott Eells | Bloomberg | Getty Images
A pedestrian walks past a Zales store in New York.

Shares of Signet Jewelers fell 3 percent on Wednesday after the jewelry retailer reported a near 5 percent drop in holiday same-store sales.

On Wednesday, the company, which operates brands such as Kay Jewelers and Zales, said holiday sales decreased by 4.6 percent, compared to an increase of 5.1 percent in the prior year, and total sales decreased 5.1 percent, compared to a 5.3 percent increase a year ago.

"Signet's disappointing holiday results were driven principally by underperformance in its Sterling division e-commerce business," CEO Mark Light said in a statement.

Signet adjusted its earnings for 2017 to between $7.38 a share and $7.43 a share, compared to its previous range of $7.38 to $7.58. It expects earnings for its fourth quarter in the range of $4 a share to $4.05 a share, compared to a previous forecast between $4 and $4.20.

With Wednesday's losses, Signet's stock has shed 32 percent in the past 12 months.

Signet Jewelers 5-day chart