Pandora Performs Better than Expected in Q3
October 11, 20
(IDEX Online) - Pandora has updated its financial guidance after re-opening more stores than expected, and reporting surprisingly brisk trade despite the pandemic.
The Denmark-based jewelry chain also said online sales had rocketed by 89 per cent.
It is now predicting slightly more encouraging organic growth for 2020 - down between 14 and 17 per cent, compared with previous guidance of between 14 and 20 per cent.
But it cautions that the market remains "uncertain and unpredictable" as a result of COVID-19.
Nine out of 10 stores were open during the last quarter, it said, and by the end of Q3 only five per cent of retail outlets remained closed.
"In markets where the physical store network is open, a high conversion rate and continued strong performance in the online channel largely offset reduced traffic into physical stores compared to the same quarter last year," the company said.
"Pandora continues to invest in the underlying brand momentum while preparing for the peak trading periods in Q4 2020.
"The financial performance is still impacted by temporary store closures and other COVID-19 restrictions including social distancing requirements and reduced opening hours in some physical stores."
Pic shows a Pandora worker