Pandora said Monday that new coronavirus lockout measures had forced a quarter of its stores to close at the start of the year, even as it lifted full-year employment guidelines for the second time in less than two weeks.
Pandora, the world’s largest jewelry maker, said consumers had shifted away from travel and services to jewelry in the fourth quarter, but the COVID pandemic escalated -19 recently more uncertainty about sales this year.
The company said in a statement that it expects organic growth of around minus 11% for 2020, compared to guidance at the end of December of “at least 1 percentage point better than the high end of the minus guidance range 14% minus 17%. “
EBIT margin (earnings before interest and tax) is expected to be around 20%, compared to the 17.5% -19% guideline at the end of December, he said.
While about 10% of physical stores closed for a period in the fourth quarter, the company had now closed 25% of its 2,700 stores worldwide.
Shares rose shortly after the report was released and traded 0.6% higher at 1352 GMT.
Pandora expects to announce full 2020 earnings on February 4th.
This story was published from a wire group group with no text changes.