Pandora's jewellery sales surge on U.S. stimulus packages

Pandora's jewellery sales surge on U.S. stimulus packages
Pandora's jewellery sales surge on U.S. stimulus packages Copyright (c) Copyright Thomson Reuters 2021. Click For Restrictions - https://agency.reuters.com/en/copyright.html
By Reuters
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COPENHAGEN (Reuters) - Jewellery maker Pandora on Tuesday reported a better-than-expected quarterly operating profit, as consumer demand was fuelled by strong online sales and stimulus packages in the United States.

Pandora, best known for its silver charm bracelets, said 30% of its 2,700 stores worldwide were closed during the first three months of the year due to the coronavirus-led lockdown measures.

"We have had a good start to 2021, not least considering that many of our stores have been closed," Chief Executive Alexander Lacik said in a statement.

Operating profit in the first quarter rose more than four-fold to 903 million crowns ($146.18 million) between January and March, while analysts in a company-compiled poll had forecast 833 million crowns.

Prompted by expectations of a faster reopening of its stores, Pandora on Monday lifted its full-year sales and profit outlook.

The jewellery maker now expects organic growth in sales of above 12%, compared with its previous forecast of above 8%, and sees its margin on earnings before interest and tax (EBIT) at above 22%, compared with its previous forecast of above 21%.

($1 = 6.1775 Danish crowns)

(Reporting by Jacob Gronholt-Pedersen; Editing by Tom Hogue and Sherry Jacob-Phillips)

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