The company that makes America's engagement rings plans to open a bunch of stores and close even more

Shares of Signet Jewelers are up more than 7% after beating street estimates on earnings.

The parent company of Jared the Galleria of Jewelry, Kay Jewelers, and Zales, reported earnings per share of $3.92 for the fourth quarter of fiscal year 2017. Adjusted earnings of $4.03 for the quarter beat the street consensus of $4.00.

Same-store sales declined 4.5% in the fourth quarter, and 1.9% on a yearly basis.

The company said it plans to close 165 to 170 stores in the coming fiscal year and open 90 to 115 new stores.

"Signet had a challenging fourth quarter and fiscal year, but we delivered top-and-bottom lines for the fourth quarter within our revised expectations," chief executive officer Mark Light said. "We are adapting to a challenging retail environment and weak mall traffic."

The company, which stopped providing quarterly guidance last year, offered earnings per share guidance of $7.00 to $7.40 for fiscal year 2018, and decline in same-store sales in the low-to-mid-single-digit percent.