Pandora: first-quarter margin, sales fall

(CercleFinance.com) - Danish jewellery maker Pandora said on Tuesday that the Covid-19 pandemic had a "material" negative impact on its financial performance in the first quarter, but also pointed out "triple-digit" online growth in April.


The world's largest jewellery brand with over 2,700 stores said its revenue fell by 14% in organic terms to 4.17 billion Danish kronor (about 550 million euros) in the first three months of the year.

Its EBIT margin fell to 15.3%, from 22.5% in the same period a year ago, it added.

There were, however, some encouraging signs in the group's report, which cited "strong" online performance and a gradual re-opening of physical stores, most of which so far are in Germany.

Pandora also said that it is in a "strong" financial position to sustain a prolonged Covid-19 crisis.

Investors seemed to agree, as its shares were up over 4% on Tuesday on the Nasdaq Nordic market.

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