Pandora A/S reached its guidance for the second quarter in a row as it works to slowly recover investor trust. The jewellery maker had revenues of 1.424 billion (-18.2%), EBITDA margin of 28.2% (40.6% in Q1 2011) and net profit of 338 million (-34.4%). The numbers were adversely affected by stock balancing with significant returns of discontinued products. Gross margin was flat year-on-year at 71.6%. The stock has opened with over 10% pop.
The company maintains 2012 outlook of revenue >6 billion, low 60’s gross and low 20’s EBITDA margin subject to maximum of 800 million in returns related to stock rebalancing affecting revenue. New CEO Björn Gulden said he is happy to see that the company has started to tackle its short-term challenges with enthusiastic employees wanting to be a part of a global success. He also noted that spring/summer 2012 collection has had a very good start.
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