Updated from 8:24 AM EDT.
NEW YORK (TheStreet) -- Shares of Signet Jewelers (SIG) - Get Signet Jewelers Limited Report were tumbling 13.3% to $82.80 in late-afternoon trading on Thursday after the company posted earnings and revenue below analysts' estimates for the 2017 fiscal second quarter.
Before today's opening bell, the Bermuda-based jewelry retailer reported adjusted earnings of $1.14 per share, while analysts were expecting earnings of $1.45 per share.
Revenue came in at $1.37 billion for the period, below analysts' estimates of $1.44 billion.
Same-store sales fell 2.3% during the quarter. Deutsche Bank was looking for same-store sales growth of 1.9%.
"We are disappointed by our Q2 results and market conditions have been challenging particularly in the energy-dependent regions," CEO Mark Light said in a statement.
The company also reduced its fiscal 2017 earnings per share outlook to be between $7.25 and $7.55, from its prior view of $8.25 to $8.55, the Fly noted. Analysts are projecting earnings of $8.22 per share for the full year.
For the third quarter, Signet sees adjusted earnings per share of 17 cents to 25 cents. Wall Street is forecasting earnings of 50 cents per share for the current period.
"The first thing out of the CEO's mouth in the quarter was that he is 'disappointed' with the numbers" Cramer added, "They should be (disappointed)."
About 9.34 million of the company's shares traded so far today vs. its average volume of 1.31 million shares per day.
Separately, TheStreet Ratings Team has a "Buy" rating with a score of B- on the stock.
The company's strengths can be seen in multiple areas, such as its revenue growth, largely solid financial position with reasonable debt levels by most measures, impressive record of earnings per share growth, compelling growth in net income and attractive valuation levels.
The team believes its strengths outweigh the fact that the company has had lackluster performance in the stock itself.
Recently, TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this articles's author.
You can view the full analysis from the report here: SIG