A massive downgrade of expectations is sending jewellery maker Pandora’s (OMX: PNDORA) share to the toilet. The company changed guidance from revenue growth of >30% to zero. EBITDA margin is down from minimum of 40% to low thirties. Pandora says this is because of sharp revenue deterioration in late Q2 and even worsening conditions in JUly, where revenue is down 30% year-on-year.
CEO Mikkel Vendelin Olesen has resigned from the Company with immediate effect. Second quarter numbers are massively below expectations even though they were not nearly as high as the company was guiding.
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