NEW YORK (TheStreet) -- Signet Jewelers (SIG - Get Report) stock is retreating 8.06% to $99.63 on heavy trading volume on Thursday afternoon following the company's fiscal 2017 first quarter financial report, which showed revenue growth missed estimates.

Revenue increased 3.2% year over year to $1.58 billion for the quarter ended April 30, but fell short of projections for $1.61 billion.

Adjusted earnings of $1.95 per share beat estimates by a penny, according to the Bermuda-based jewelry retailer's quarterly report, which was released before today's market open.

"Every kiss does not begin with K today," TheStreet's Jim Cramer said on CNBC's "Squawk on the Street" this morning, referring to the tagline of Kay Jewelers, a Signet Jewelers brand.

Same-store sales increased 2.4%, but comparable sales growth is expected to decelerate in the next quarter. For the fiscal second quarter, Signet Jewelers expects to report a 1% to 2% increase in same stores sales.

"Signet is a battle ground," Cramer added, explaining that investors don't know if Signet Jewelers is a financial company with a jewelry business or a jewelry retailer with a financial unit. Earlier today, the company announced that the board approved a strategic evaluation of the credit portfolio.

So far today, 5.39 million shares of Signet Jewelers have been traded, more than four times its average daily volume of 1.29 million share.

Separately, Signet Jewelers has a "buy" rating and a letter grade of B at TheStreet Ratings because of the company's impressive record of earnings per share growth, compelling growth in net income, revenue growth, largely solid financial position with reasonable debt levels by most measures and attractive valuation levels.

You can view the full analysis from the report here: SIG

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 article's author.