Stimulus, certainly. Pandora is the newest European vogue agency to credit score strong U.S. enterprise for second-quarter good points.
The Danish jewellery maker stated gross sales within the three-month interval zoomed 84 % versus a 12 months in the past and 13 % versus 2019, prompting it to boost its forecasts.
It now expects natural income progress of 16 to 18 % for full-year 2021, versus prior steerage of 12 %, and an EBIT margin of 23 to 24 %, versus 22 % beforehand.
Whereas stimulus packages added to the “underlying sturdy efficiency” in America, Pandora stated China stays weak and it’ll take “first steps to reposition the model” within the second half.
The corporate cited sequential enchancment in Europe as pandemic restrictions eased. About 15 % of its bodily shops had been closed for a part of Q2 and eight % stay shuttered quickly.
In the meantime, on-line gross sales rocketed 132 % within the quarter versus the identical interval in 2019.
EBIT margin in the course of the three months stood at 25.2 %, “lifted by unusually sturdy U.S. progress,” Pandora famous.
Pandora is to host a press convention to elaborate on the outcomes at 11 a.m. CET.
The corporate is planning a capital markets day in September to “current how Pandora will drive long-term sustainable and worthwhile progress, constructing on the huge untapped alternatives inside our current enterprise,” stated Alexander Lacik, president and CEO of the corporate.
Final Might, it unveiled a two-year turnaround plan dubbed Phoenix to stabilize the highest line, enhance model relevance and entry, and scale back prices.
Amongst initiatives underneath this new technique is Pandora Brilliance, sustainably laboratory-created diamonds. It’s at present being examined within the U.Okay. and “progressing effectively,” based on the corporate.
Individually on Tuesday, the corporate unveiled a brand new share buyback program underneath which Pandora will repurchase shares for an combination most quantity of 500 million Danish kronor. This system is to start on Aug. 18 and conclude no later than Oct. 29.
https://wwd.com/business-news/monetary/pandora-q2-results-sales-1234899869/ | Pandora Raises Steering as Q2 Gross sales Zoom 84 % – WWD