Asharq Al-awsat English Middle-east and International News and Opinion from Asharq Al-awsat Newspaper

Jewelry Maker Pandora Expects Return to Sales Growth in 2021

Jewelry Maker Pandora Expects Return to Sales Growth in 2021

Thursday, 4 February, 2021 - 07:15
The logo of Jewelry maker Pandora. Reuters file photo

Jewelry maker Pandora expects to return to sales growth in 2021 for the first time in three years despite many shops still being closed because of the COVID-19 pandemic, it said on Thursday.

Pandora, best known for its customizable silver charm bracelets, said it expects about a quarter of its more than 2,700 shops worldwide to be shut during the first half of the year.

The jeweler posted fourth-quarter sales and operating profit in line with expectations. Helped by improving online sales and customers spending more on gifts and discretionary goods instead of travel and services, it had a strong end to 2020.

"Despite significant disruptions, we managed to navigate the business to a very strong performance, leading to market share gains in many markets," Chief Executive Alexander Lacik said in a statement.

The company forecasts an EBIT margin this year above 21%, slightly higher than last year but lower than in 2019.

Pandora said sales in the fourth quarter fell 1% to 7.89 billion Danish crowns ($1.27 billion), compared with analyst expectations of 7.96 billion crowns.

Operating profit (EBIT) stood at 2.21 billion crowns, against the 2.23 billion crowns forecast by analysts.

Editor Picks