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Jewellery maker Pandora warns new lockdowns may hurt peak season sales

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Danish jewellery-maker Pandora on Tuesday posted a decline of 8 per cent in third-quarter sales and said new coronavirus lockdown measures created uncertainty about peak season sales and its full-year guidance.

[COPENHAGEN] Danish jewellery-maker Pandora on Tuesday posted a decline of 8 per cent in third-quarter sales and said new coronavirus lockdown measures created uncertainty about peak season sales and its full-year guidance.

Pandora said that positive sales momentum in the third quarter continued with like-for-like sales growing 8 per cent in October, but that new lockdowns would force it to close around 18 per cent of its 2,750 shops worldwide in November.

The company last month revised full-year profit guidance upward, after posting stronger sales and a big boost to its online business in the third quarter.

"At this point in time, Pandora does not change the guidance but the recent lockdowns and potential further Covid-19 escalation represent a clear downside risk," the company said in a statement.

Pandora said third-quarter sales stood at 4.07 billion Danish crowns (S$869.3 million), in line with an analysts' poll gathered by the company.

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REUTERS

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