Pandora: shares rise as preliminary results match forecasts

(CercleFinance.com) - Pandora's shares are up over 5% on Tuesday, one day after the Danish jeweler gave preliminary quarterly results that matched its financial guidance.


Q4 like-for-like sales are expected to be down 4%, which is in line with the expectations communicated at the beginning of the year, the group said in a statement on Monday.

Organic growth is expected to be -1% in the fourth quarter, compared to -8% for the full year 2019.

"We believe the like-for-like improvement is encouraging but is a natural response from the new product launches and marketing push," analysts at BofA Global Research said today.

The broker, which has a "neutral" rating on the shares, has nevertheless nudged up its target price from 315 Danish kronor to 335 Danish kronor.

The stock is currently up over 5% at 344.8 Danish kronor.

As previously communicated, Pandora said that it expects like-for-like sales to be negative in 2020.

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