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Pandora’s 2024 Operating Profit Growth Now Seen at Upper End of Guided Range

Pandora said it now expects full-year organic operating profit growth of between 11% and 12%. (Getty Images for Pandora Jewellery)
Pandora said it now expects full-year organic operating profit growth of between 11% and 12%. (Getty Images for Pandora Jewellery)
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Pandora’s 2024 Operating Profit Growth Now Seen at Upper End of Guided Range

Pandora said it now expects full-year organic operating profit growth of between 11% and 12%. (Getty Images for Pandora Jewellery)
Pandora said it now expects full-year organic operating profit growth of between 11% and 12%. (Getty Images for Pandora Jewellery)

Denmark's Pandora , the world's biggest jewellery maker, said on Wednesday it now expects operating profit growth this year at the upper end of its forecasted range while it reported quarterly operating profit a tad below forecasts.

"We are very pleased with our strong results this quarter, particularly in the context of the current macroeconomic backdrop," CEO Alexander Lacik said in a statement.

Operating profit rose to 980 million Danish crowns ($140.87 million) in the third quarter from 920 million a year earlier, slightly below the forecast of 991 million in a company-compiled poll.

Pandora said it now expects full-year organic operating profit growth of between 11% and 12% compared to its previously guided range of 9-12%. The company also raised its outlook in May and August.

It still expects an operating margin this year of around 25%.

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Fashion

Burberry Shares Jump on Moncler Bid Report

A Burberry logo displayed outside its store on New Bond Street in London, Britain, July 15, 2024. (Reuters)
A Burberry logo displayed outside its store on New Bond Street in London, Britain, July 15, 2024. (Reuters)
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Burberry Shares Jump on Moncler Bid Report

A Burberry logo displayed outside its store on New Bond Street in London, Britain, July 15, 2024. (Reuters)
A Burberry logo displayed outside its store on New Bond Street in London, Britain, July 15, 2024. (Reuters)

Burberry shares rose as much as 8% on Monday after a media report said Italian luxury outerwear maker Moncler was considering a bid for the British luxury retailer.

Moncler, known for its puffer jackets, on Sunday, said it would not comment on "unsubstantiated rumors" of a possible deal between the two luxury brands.

Burberry, which had a market valuation of nearly 3 billion pounds ($3.89 billion) as of the last close, did not immediately respond to a Reuters request for comment on Monday.

The company's shares, which jumped to 876.6 pence in early trading, pared gains to trade around 3.5% higher by 0732 GMT. The stock has plummeted about 40% so far this year.

Moncler shares, largely flat at 50.8 euros currently, fell as much as 1.5% early in the session.

Burberry, known for dressing the English upper class in its classic camel, red, and black check prints, has lagged behind its peers as it struggles to revive demand for its clothing.

It scrapped its dividend and issued a profit warning in July.

Broadly, luxury groups have struggled with tighter consumer spending in recent quarters, especially in China, with Moncler reporting a 3% drop in third-quarter sales last month.