Shares of Signet Jewelers (NYSE: SIG) were falling today after the jewelry retailer and owner of brands including Jared and Blue Nile posted solid results in its first-quarter earnings report, but trimmed its guidance due to macroeconomic headwinds that began at the end of the quarter.

As a result, the stock was down 9.5% as of 1:16 p.m. ET.

Same-store sales in the quarter fell 13.9% as the pandemic tailwinds continue to roll off and consumer spending shifts to categories like travel and restaurants. Overall revenue was down 9.3% to $1.67 billion, which was slightly ahead of the analyst consensus at $1.65 billion.

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Source Fool.com