COPENHAGEN (Reuters) – Danish jeweler Pandora posted a smaller-than-expected drop in operating profit in the third quarter on Wednesday and raised its sales forecast for the full year.
Pandora’s operating profit fell to 920 million crowns (123 million euros), from 978 million a year earlier, due to higher costs and investments, while the analyst consensus published by Pandora expected 875 million crowns.
On the Copenhagen Stock Exchange, Pandora shares gained 3.66% at 08:03 GMT.
“Our brand investments are attracting more consumers to our stores,” CEO Alexander Lacik said in a statement.
Organic sales growth was 11%, beating analysts’ expectations of a 6% increase.
Pandora said it now expects organic sales growth of 5% to 6% for the full year, up from a range of 2% to 5% previously, and the company maintained its profit margin forecast of exploitation for the whole year at around 25%.
The jeweler said an unexpected recovery in demand across markets and collections had taken place, driven by tourism in the third quarter, a pattern the company believes will not necessarily be repeated in the same year. period next year.
(Report by Louise Breusch Rasmussen, by Stéphanie Hamel, edited by Kate Entringer)
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