12:00 PM EST, 01/14/2025 (MT Newswires) -- (Updates with stock move in the headline and first paragraph.)

Signet Jewelers ( SIG ) shares were down more than 26% in recent Tuesday trading after the company slashed its fiscal Q4 sales outlook.

The company said it now expects sales of $2.32 billion to $2.34 billion for the quarter, lower than its previous guidance of $2.38 billion to $2.46 billion.

Analysts polled by FactSet expect $2.42 billion.

The company now sees fiscal Q4 same-store sales declining 2.5% to 2%, compared with its previous outlook of flat to 3% growth. Three analysts surveyed by FactSet expect 1.7% growth.

The company said preliminary holiday same store sales during the 10 weeks ended Jan. 11 declined about 2% year on year.

Price: 54.70, Change: -19.35, Percent Change: -26.13