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Pandora Raises Full-Year Growth Outlook as Q2 Profit in Line

Jewels are seen in a Pandora jewellery shop in downtown Rome, Italy, August 7, 2018. (Reuters)
Jewels are seen in a Pandora jewellery shop in downtown Rome, Italy, August 7, 2018. (Reuters)
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Pandora Raises Full-Year Growth Outlook as Q2 Profit in Line

Jewels are seen in a Pandora jewellery shop in downtown Rome, Italy, August 7, 2018. (Reuters)
Jewels are seen in a Pandora jewellery shop in downtown Rome, Italy, August 7, 2018. (Reuters)

Pandora, the world's biggest jewellery maker, reported second-quarter operating profit broadly in line with expectations on Monday and increased its growth outlook for the year.

Operating profit rose to 1.34 billion Danish crowns ($196.25 million) in the second quarter from 1.19 billion a year earlier compared with an average 1.3 billion forecast by 14 analysts in a poll compiled by the company.

Pandora increased its full-year organic growth guidance to between 9% and 12% compared to its previous guidance of 8-10%. It kept its operating margin guidance at around 25%.

"We are again raising revenue guidance for 2024 and look to the second half of the year with optimism," CEO Alexander Lacik said in a statement.

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E-retailer Zalando to Buy About You for $1.2 Bln

FILED - 03 March 2021, Berlin: The logo of online retailer Zalando is pictured on the Zalando Campus at Mercedes-Platz in Berlin. Photo: Jens Kalaene/ZB/dpa
FILED - 03 March 2021, Berlin: The logo of online retailer Zalando is pictured on the Zalando Campus at Mercedes-Platz in Berlin. Photo: Jens Kalaene/ZB/dpa
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E-retailer Zalando to Buy About You for $1.2 Bln

FILED - 03 March 2021, Berlin: The logo of online retailer Zalando is pictured on the Zalando Campus at Mercedes-Platz in Berlin. Photo: Jens Kalaene/ZB/dpa
FILED - 03 March 2021, Berlin: The logo of online retailer Zalando is pictured on the Zalando Campus at Mercedes-Platz in Berlin. Photo: Jens Kalaene/ZB/dpa

German online retailer Zalando said on Wednesday it had struck a deal to buy rival fashion group About You for 1.1 billion euros ($1.2 billion), as part of plans to create a pan-European e-commerce platform.
The cash offer corresponds to 6.50 euros per share, a 107% premium to About You's three-month average stock price. About You's shares closed at 3.90 euros on Tuesday, Reuters reported.
Zalando's shares were down 8% at 0805 GMT, headed for their biggest daily percentage fall in two years, following news of the deal.
The proposed takeover comes as the rapid growth of low-priced fast-fashion retailer Shein has put pressure on online players across Europe that have struggled to compete on price.
"The planned two-brand strategy would significantly increase the group's presence in the pan-European markets," said About You's major shareholder, German retail group Otto.
The combined business of Zalando and About You aims to have an adjusted earnings before interest and taxes (EBIT) margin of between 10% and 13%, Zalando said in a statement.
Zalando said that Otto and an investment company controlled by Heartland A/S, as well as About You's board members, had decided to accept the offer.
Otto brought About You onto the stock exchange three and a half years ago at an issue price of 23 euros per share.