Jewellery maker Pandora A/S (OMX: PNDORA) has been on a bit of a roll lately as the near 90% crash of its stock price after massive downgrade last summer was apparently overshot by a bit. The Danish Financial Supervisory Authority (FSA) has today issued a notice to PANDORA saying that the company should have informed the market on weaker than expected outlook earlier than the eventual downgrade from 30% revenue growth outlook to a performance on par with 2010 o August 2nd.
PANDORA denies any wrongdoing and says that sudden downturn could not have been foreseen. The company was already reprimanded by the NASDAQ OMX in December and FSA has handed the matter to police for further investigation. There have been plenty of changes in the management as of late and PANDORA finally found a new CEO in Björn Gulden from shoes & sports retailer Deichmann Group.
As far as companies used as a gauge for Pandora’s sales are concerned Tiffany & Co reported disappointing Christmas sales numbers this afternoon but world’s largest jewellery retailer Signet Jewelers reported of impressive sales growth in Holiday Season. Before the harsh wakeup call in July, PANDORA was trying to cater to a little bit higher-end segment than it traditionally has. This move is now seen as a mistake. Tiffany’s sells to higher-end than PANDORA and Signet is a retailer for PANDORA. PANDORA’s share has now climbed above 70 DKK after bottoming out at 40 three months ago.
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