On November 7th, based on the further slowdown in sales in the third quarter and the beginning of the fourth quarter is still weak, Pandora (Pandora) again lowered its full-year forecast after the second quarter.
According to its financial report, in the three months ended September 30, the Danish jewellery brand Pandora’s third-quarter revenue decreased by 3% year-on-year to 4.98 billion Danish kronor, or about 762 million US dollars, before the EBITDA. From 37.8% in the same period last year to 29%, the net profit was 951 million Danish kronor, or about 145 million US dollars.
Due to disappointing results in the third quarter, Pandora lowered its guidance on annual revenue growth and profitability on Tuesday. It is expected that the annual sales growth will be 2% to 4%, and the previously proposed 7% to 10% will be cancelled. Long-term annual income growth forecast.
Chief Financial Officer Andres Bowyer said in the earnings report: “We decided to take strong measures to significantly reduce the company’s cost level after assessing the business to release resources to support sustainable growth in comparable sales.”
It is understood that Pandora is currently implementing a transformation and reorganization plan called “NOW”, seeking to further save on the annual cost reduction target of 350 million Danish Krone announced in August. The measures will include slowing the acquisition of franchise and retail expansion. .