Adds third quarter income detail, quote, background
COPENHAGEN, November 1 (Reuters) – Pandora PNDORA.CO, the world’s largest jewelry maker by production capacity, on Monday raised its sales and profit margin outlook for the year, citing a strong performance in the third quarter.
Pandora has benefited from the reopening of stores this year after the lockdown restrictions and has seen sales soar to higher levels ahead of the pandemic, with U.S. shoppers in particular splashing out as massive government stimulus and COVID-vaccinations- 19 fueled spending on goods and services.
For 2021, the Danish company now expects organic sales growth of 18-20%, against a previous forecast of 16-18%, and a profit margin before interest and taxes (EBIT) of 24-24.5 %, up from previous forecast. 23-24%.
“COVID-19 and the unusually high level of US growth continue to create increased uncertainty around the forecast,” he added.
Pandora, best known for its silver charm bracelets, said third-quarter sales amounted to DKK 4.73 billion ($ 734.92 million), exceeding the 4.67 billion analysts expected. in a survey conducted by the company.
He announced a quarterly EBIT of 957 million kroner, higher than the 917 million expected by analysts, and resulted in an EBIT margin of 20.2%.
“Both revenue growth and EBIT margin were driven by the continued strong performance in the United States and sequential improvement in Europe as COVID-19 restrictions were relaxed,” Pandora said.
The company will release its full third quarter results on November 3.
(Reporting by Stine Jacobsen; Editing by Jan Harvey and Susan Fenton)
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