Signet Jewelers Ltd. , SIG,-9.16% shares fell 10.7% on Thursday in premarket trade after the diamond jewelry retailer gave a downbeat profit and sales guidance. This was due to consumers continuing to reduce discretionary spending as a result of macroeconomic challenges. Signet Jewelers Ltd. said that it would increase its target for cost-cutting by $150 million to deal with the “dynamic retail environment”. Signet expects sales in the second quarter of fiscal 2024 of between $1.53 and $1.58 billion. This is below the FactSet consensus estimate of $1.75billion. The company projects earnings per share between $9.49 and $10.09 for fiscal 2024. This is lower than the FactSet consensus estimate of $11.11; sales are projected to be $7.10 to $7.30 Billion, which is less than the $7.73 Billion expected. In the first quarter of fiscal 2019, EPS without nonrecurring items dropped to $1.78, from $2.86, but still topped FactSet’s consensus of $1.49. Net sales declined 9.3%, to $1.67billion, exceeding expectations of $1.65billion, and same-store sales decreased 13.9%, missing expectations of a 12.6% drop. Stock has risen 2.2% in the past year, up to Wednesday. The S&P 500 , SPX, +0.48%, has risen 11.2%.