11:50 AM EDT, 06/13/2024 (MT Newswires) -- (Updates with share price movement in the headline and first paragraph)

Signet Jewelers ( SIG ) shares tumbled over 15% in recent Thursday trading following the company's fiscal Q1 results, with overall sales falling steeper than expected, and downbeat Q2 same-store sales outlook.

Earlier in the day the company reported fiscal Q1 adjusted earnings of $1.11 per diluted share, down from $1.78 a year earlier. Analysts polled by Capital IQ expected $0.98.

Sales for the fiscal quarter ended May 4 were $1.51 billion, compared with $1.67 billion a year earlier. Analysts surveyed by Capital IQ expected $1.52 billion.

Same-store sales during the three-month period were down 8.9%, compared with a 13.9% fall a year earlier. Four analysts surveyed by Capital IQ expected an 8.1% decrease.

The jewelry retailer said it expects fiscal Q2 sales of $1.46 billion to $1.52 billion and same-store sales to fall 2% to 6%. Analysts surveyed by Capital IQ expect $1.51 billion in revenue and a same-store sales fall of 5.2%.

For fiscal year 2025, Signet said it now expects diluted EPS to range between $9.90 and $11.52 versus its prior guidance range of $9.08 to $10.48. Two analysts surveyed by Capital IQ expect $9.75. The company maintained its sales guidance for the fiscal year in the range of $6.66 billion to $7.02 billion along with the same-store sales outlook ranging between a 4.5% fall and 0.5% growth. Analysts surveyed by Capital IQ expect $6.82 billion in revenue and a 2.7% same-store sales decline.

Price: 91.78, Change: -16.64, Percent Change: -15.34