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Shares of Signet Jewelers (SIG - Get Report)  lost their luster in premarket trading on Wednesday though recovered their sheen at the opening bell after the jewelry retailer reported adjusted earnings that were better than analysts' forecasts but still below comparable year-earlier figures.

Signet reported a net loss of $116.2 million, or $2.25 a share, in its fiscal quarter ended Feb. 2., vs. a profit of $343 million, or $5.24 a share, in the comparable year-earlier period. Excluding one-time charges, the company earned $3.96 a share, above the $3.81 a share expected by analysts surveyed by FactSet.

Total sales dropped to $2.15 billion, though still beat FactSet consensus estimates of $2.14 billion. Same-store sales, however, a key metric among retailers for measuring consumer traffic, dropped 2%, slightly more than the 1.9% decline expected by analysts.

While pleased with the company's "Path to Brilliance" strategy of cutting costs and boosting marketing efforts, "we did not finish the year as strongly as expected due to a highly competitive promotional environment, continued consumer weakness in the UK, and lower than expected customer demand for legacy merchandise collections that impacted our holiday fourth quarter results," Signet CEO Virginia Drosos said in a statement. 

Happy #NationalProposalDay! Which ring would you say yes to? #LoveZales pic.twitter.com/Ykp9YL7aUx

— Zales (@ZalesJewelers) March 20, 2019

For fiscal 2020, the company expects adjusted per-share earnings of between $2.87 and $3.45, in line with current FactSet consensus estimates of $3.13 a share, and sales of between $6 billion and $6.1 billion, also in line with consensus expectations of $6.1 billion.

Shares of Signet were down a little more than 1% at $27.30 in premarket trading on Wednesday. They were up 3.% to $28.60 in early regular trading.