Signet Jewelers Ltd.’s shares plunged on Tuesday after a disappointing holiday season prompted the retailer to cut its sales guidance.

Signet now expects fourth-quarter comparable sales growth to drop 2% to 2.5%, compared with the earlier forecast of flat to 3% growth. The company said it sees total sales of $2.32 billion to $2.34 billion, compared with its prior projection of $2.38 billion to $2.46 billion.

The company’s shares fell as much as 21% in early market trading in New York, following a year in which the stock had lost a quarter of its value.

Peak selling days leading up to Christmas came in below forecast as fashion gifting underperformed and consumers gravitated to lower price points, the company said in a statement. Chief Executive Officer J.K. Symancyk said the company needed to “reshape our customer facing strategies” and lean into bridal and “self-purchase,” as consumer trends shifted.

The downbeat forecast came a day after Macy’s Inc., Abercrombie & Fitch Co. and other retailers reported disappointing holiday sales that fell short of investor expectations, suggesting that executives were far too optimistic about the state of the American shopper.

A number of consumer companies released earnings and provided updated guidance during the ICR Conference taking place this week in Orlando, Florida.