Zale’s same store sales dropped 18.6% in November, the company disclosed Friday in its 10-Q filing.

"Historically, the month of November has represented approximately 25 percent of total revenues for the second quarter of our fiscal year," the company added.

The news is being blamed for a dramatic drop in the company’s share price.

An analyst from Soleil downgraded the company’s stock, saying the new results show that the "Company could be headed for serious financial problems."

JCK