Signet Jewelers shares tumbled after the retailer cut its quarterly outlook, prompted by a duller-than-expected holiday shopping season. Executives said consumers shifted to lower-priced gifts this holiday season.

Signet now expects fourth-quarter revenue between $2.32 billion and $2.34 billion, down from a prior projection of between $2.38 billion and $2.46 billion. Adjusted earnings before interest, taxes, depreciation and amortization are now expected to come in between $381 million and $391 million,