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FinancialsDec 08, 2020
Pandora Foresees a Bleak December
COVID-19 restrictions temporarily closed 10 percent of its store network by the end of November.
Pandora had a strong November but expects COVID-19 restrictions to weigh down December sales.
Copenhagen, Denmark—Pandora is preparing for a not-so-merry December, expecting to see reduced store traffic due to the COVID-19 pandemic.
The Danish jewelry company posted positive growth in November with “strong” online sales offsetting the decline in physical stores.
“Pandora has deliberately sought to pull sales forward from Black Friday and Christmas earlier into November to be able to manage social distancing guidelines and online capacity for the remainder of the year,” said the company in a press release.
COVID-19 restrictions temporarily shuttered 10 percent of its physical store network by the end of November.
“We are now facing a period with new lockdowns, but we are prepared to navigate through the heightened uncertainty, and we have the financial strength to sustain a prolonged period with lockdowns,” said CEO Alexander Lacik in a release about its third-quarter results last month.
Third-quarter revenue was down 8 percent to 4.07 billion Danish kroner ($640 million) while quarterly like-for-like sales were up 1 percent year-over-year.
Pandora reaffirmed its fiscal guidance, expecting organic sales to fall 14 to 17 percent for the fiscal year.
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