Coronavirus: Pandora Revenue Increases as More Points of Sale Close
April 12, 21
(IDEX Online) - Pandora reported an increase in its Q1 revenue, even though it's having to close more retail outlets because of the Covid pandemic.
The Danish jeweler, best known for its charm bracelets, said sales for the quarter were up 13 per cent on organic basis to $719m.
That's in spite of the fact that 35 per cent of its 7,000 points of sale globally were closed for business as of the end of March.
The company said that during Q1 an average of around 30 per cent of its physical stores were temporarily closed. The figure for the end of February was 25 per cent.
Pandora said it maintained its financial guidance for 2021, namely organic growth of above eight per cent and an EBIT margin of above 21 per cent.
Detailed results for the quarter will be published on 4 May.