Jewellery maker Pandora lifts outlook as U.S. sales continue to surprise By Reuters
© Reuters. FILE PHOTO: The Pandora emblem is seen in jewelry store in downtown Rome, Italy, August 7, 2018. REUTERS/Max Rossi
COPENHAGEN (Reuters) – Pandora (OTC:), the world’s largest jewelry maker by manufacturing capability, on Monday lifted its gross sales and revenue margin outlook for the 12 months, citing a robust efficiency within the third quarter.
Pandora has benefited as retailers reopened this 12 months after lockdown restrictions and has seen its gross sales prime pre-pandemic ranges as U.S. customers specifically have splashed out as huge authorities stimulus and vaccinations in opposition to COVID-19 fuelled spending on items and companies.
For 2021, the Danish firm now expects natural gross sales development of 18-20%, up from a earlier forecast of 16-18%, and an earnings earlier than curiosity and tax (EBIT) margin of 24-24.5%, up from a beforehand forecast 23-24%.
“COVID-19 and the unusually excessive degree of U.S. development proceed to create elevated uncertainty across the steerage,” it added.
Pandora, greatest identified for its silver allure bracelets, mentioned third-quarter gross sales got here in at 4.73 billion Danish crowns ($734.92 million), beating the 4.67 billion anticipated by analysts in a ballot compiled by the corporate.
It reported quarterly EBIT of 957 million crowns, which was above the 917 million anticipated by analysts, and resulted in an EBIT margin of 20.2%.
“Income development and the EBIT margin had been lifted by continued robust U.S. efficiency and a sequential enchancment in Europe as COVID-19 restrictions had been eased,” Pandora mentioned.
The agency will report full third-quarter earnings on Nov. 3.
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