Kay Jewelers, Zales parent cut its sales outlook as more customers bought discounted jewelry for Christmas than expected.

Key Takeaways Signet Jewelers reported weak holiday sales and cut its fourth-quarter guidance on Tuesday, sending shares tumbling more than 20%.The parent of Jared, Zales, and Kay Jewelers stores said same-store sales in the 10 weeks ending Jan.

Signet, which owns the Zales and Kay brands, says the days leading up to Christmas saw below-forecast performance.