Every kiss apparently doesn't begin with Kay. And it looks like he didn't go to Jared. Or Zales for that matter. Signet, the retailer that owns all three of these mall-based jewelry chains as well as Piercing Pagoda, reported a 1.3% drop in same-store sales during the holidays and lowered its fourth-quarter outlook.
Signet's stock (SIG) plunged 20% following the less than glittering guidance Thursday. Shares have now lost more than half their value in the past year.
If it's any consolation, it looks like more affluent customers aren't spending as much on diamonds and pearls either. Tiffany (TIF) shares fell about 2% in early trading Thursday and have fallen about 25% in the past twelve months.
But Signet's bad news comes a day after it agreed to pay $11 million in penalties to the Consumer Financial Protection Bureau and state of New York to settle allegations that it set up customers with store credit cards without their permission.