Pandora Pounded by Europe

(IDEX Online News) – Posting another dismal quarterly result, Pandora is still struggling to revive its brand. Flat results in the Americas and Asia were offset by a 28.9 percent tumble in Europe in the third quarter.

Group revenue declined by 12.2 percent to DKK 1.57 billion ($285 million), the company reported Tuesday.

Net profit decreased by 41.3 percent to DKK 341 million ($61.9 million) in the third quarter.

While revenues in the Americas increased by 4.1 percent, in Europe they declined by 28.6 percent. In the Asia-Pacific region the revenue stream declined by 1.0 percent.

"Our performance in Q3 2011 has been far from satisfactory,” said interim CEO Marcello Bottoli.

Bottoli added that corrective actions are being implemented in commercial, product and marketing areas as well as in the organization.