Signet Jewelers Ltd. (NYSE:SIG) stock was falling hard on Tuesday following a poor outlook in its most recent earnings report.

Signet Jewelers Ltd. says that it has been having trouble with transferring its credit portfolio to Alliance Data Systems and Genesis Financial Solutions. As a result, it is expecting these issues to continue into the fourth quarter and hurt its earnings.

As a result of these problems, Signet Jewelers Ltd. is lowering its outlook for fiscal 2018, which is its current year. The company says that it now expects earnings per share for the period to range from $6.10 to $6.50. It was previously expecting fiscal 2018 earnings per share to come in between $7.16 and $7.56.

Signet Jewelers Ltd.’s current issues and lowering of its earnings per share guidance for 2018 is a major blow to SIG stock. This is because its new expectations don’t come anywhere close to Wall Street’s earnings per share estimate of $7.02 for the year.

Signet Jewelers Ltd. is also lowering its same-store sales expectations for fiscal 2018. It now expects same-store sales for the year to be down in the mid single-digit percentage range. It’s previous guidance has same-store sales for the year falling between low and mid single-digit percentages.

During its fiscal third quarter of 2018, Signet Jewelers Ltd. reported losses per share of 20 cents on revenue of $1.16 billion. Neither of these were able to match Wall Street’s earnings per share and revenue estimates of 20 cents and $1.17 billion, respectively.

SIG stock was down 29% as of Tuesday afternoon and is down 42% year-to-date.

As of this writing, William White did not hold a position in any of the aforementioned securities.