عربي English Türkçe اردو فارسى
Logo
Latest News
Fashion

Jewellery Maker Pandora Raises Guidance After Q1 Revenue Beat

The Pandora logo is seen in jewellery shop in downtown Rome, Italy, August 7, 2018. (Reuters)
The Pandora logo is seen in jewellery shop in downtown Rome, Italy, August 7, 2018. (Reuters)
TT
TT

Jewellery Maker Pandora Raises Guidance After Q1 Revenue Beat

The Pandora logo is seen in jewellery shop in downtown Rome, Italy, August 7, 2018. (Reuters)
The Pandora logo is seen in jewellery shop in downtown Rome, Italy, August 7, 2018. (Reuters)

Danish jewellery maker Pandora on Wednesday raised its full-year revenue outlook after reporting results for the first quarter slightly above analyst forecasts. "We have started 2023 well with resilient growth and solid margins," Chief Executive Alexander Lacik said in a statement. "The macroeconomic outlook remains uncertain, but we are confident in our ability to adapt and thrive as we've proven over the past few quarters," Lacik added. The company now expects to generate organic sales growth between -2% and 3% this year, better than its earlier estimate of between -3% and 3%. Analysts expect 2% sales growth this year, according to a poll gathered by the company. Pandora, known for its customizable silver charms and bracelets, reported 1% organic sales growth for the quarter, above the -1% expected by analysts. The group's sales for the January-March period rose to 5.85 billion Danish crowns ($865.18 million) from 5.7 billion a year ago, compared to an average of 5.7 billion crowns expected by analysts in a poll gathered by the company.

Most Viewed

 
 
Fashion

Gap's Turnaround Efforts Drive Quarterly Beat in Surprise Early Announcement

FILE PHOTO: The Gap logo is seen on the front of the company's store on Oxford Street in London, Britain, July 1, 2021. REUTERS/John Sibley/File Photo
FILE PHOTO: The Gap logo is seen on the front of the company's store on Oxford Street in London, Britain, July 1, 2021. REUTERS/John Sibley/File Photo
TT
TT

Gap's Turnaround Efforts Drive Quarterly Beat in Surprise Early Announcement

FILE PHOTO: The Gap logo is seen on the front of the company's store on Oxford Street in London, Britain, July 1, 2021. REUTERS/John Sibley/File Photo
FILE PHOTO: The Gap logo is seen on the front of the company's store on Oxford Street in London, Britain, July 1, 2021. REUTERS/John Sibley/File Photo

Gap on Thursday surpassed Wall Street expectations for the second quarter, as a surprise early announcement of its results showed shoppers turned to its Old Navy and namesake brands to snap up trendy and fashionable clothing.
Shares of Gap closed up nearly 2% at $22.8. The stock was halted during the day following a Bloomberg News report that said the apparel retailer's earnings press release and presentation appeared on its website in the morning, hours earlier than scheduled.
A Gap spokesperson told Reuters that the company's results were briefly and accidentally posted on its website due to an administrative error. It was originally scheduled to release the numbers after the bell.
The Banana Republic owner is in the midst of a brand turnaround under CEO Richard Dickson and has been ramping up its stores with fresher and more chic styles to bring back lost customers.
Dickson on a post-earnings call said Gap's consumer base has broadened and the company is seeing more sell-throughs at full-price, resulting in less discounting.
People, who are otherwise saving dollars and curbing spending on big-ticket items, are more than willing to go all out and spend on in-trend footwear and clothing such as those from Abercrombie & Fitch, Roger Federer-backed On and Deckers Outdoor's Hoka.
"(Gap) is being managed better than it was ... it is not like all four brands are really completely healthy, but they are trending in the right direction under the new management," Morningstar analyst David Swartz said.
Comparable sales at Old Navy rose 5% during the quarter, while the Gap brand posted 3% growth. Banana Republic sales, however, were flat as the brand continues to focus on fixing the fundamentals and improve its pricing and assortment architecture.
Gap's second-quarter net sales rose 5% to $3.72 billion, beating LSEG estimates of $3.63 billion.
It earned 54 cents per share, also topping analysts' average estimate of 40 cents.
The apparel retailer reaffirmed its annual net sales forecast and expects gross margin to expand by about 200 basis points versus its prior forecast of at least a 150-basis-point increase.