December 6, 2022

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Pandora third-quarter sales slightly tops forecasts By Reuters

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© Reuters. FILE PHOTO: Pandora bags are seen at their store at the Woodbury Common Premium Outlets in Central Valley, New York, U.S., February 15, 2022. REUTERS/Andrew Kelly

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COPENHAGEN (Reuters) – Danish jewellery maker Pandora (OTC:) reported third-quarter sales just above expectations on Tuesday and said it had so far not seen shoppers behaving differently despite soaring living costs.

Pandora said it had increased prices on selected items by 4% on average globally in the beginning of the fourth quarter.

“Despite macroeconomic and geopolitical uncertainty, the shopping patterns of our consumers is so far largely unchanged”, Chief Executive Alexander Lacik said in a statement.

Pandora still expects full-year organic growth of between 4% and 6% and reaffirmed an outlook for an operating profit margin at 25.0%-25.5%.

The world’s largest jewellery maker by production capacity said organic growth in the United States, its biggest market, had declined by 3%, as a sales boost from stimulus checks during the pandemic was subsiding.

The company reported sales in the third quarter of 5.26 billion Danish crowns ($712.64 million), slightly above an average of 5.16 billion crowns expected by analysts in poll gathered by the company.

($1 = 7.4371 Danish crowns)

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