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Pandora Q4 Sales Slide, Announces Two-Year Transformation Plan

Pandora Q4 Sales Slide, Announces Two-Year Transformation Plan

Pandora Q4 Sales Slide, Announces Two-Year Transformation Plan
February 05
10:44 2019
Booking.com



PARIS — Embattled Danish jewelry firm Pandora on Tuesday announced it is entering a two-year transformation period, coming off another disappointing year as its revenues declined in both the quarter and the full twelve months of 2018.
The contemporary jeweler cautioned that organic growth in 2019 is expected to fall by between 3 percent and 7 percent, year-on-year, including a one-off negative impact of 3-5 percentage points related to the commercial reset.
The firm’s financial outlook, it said, will be significantly impacted by the actions taken in its so-called Programme NOW initiative, which will include revisions to its network expansion strategy. The restructuring costs over the period of 2019 and 2020 are expected to represent a total of 2.5 billion Danish kronor, or $382 million at current exchange rates.
“Through Programme NOW, we are taking immediate and forceful action to address the disappointing aspects of our financial performance in 2018. We are confident that this company-wide business transformation will reignite Pandora, restore sustainable growth and support our industry-leading margins,” said Jeremy Schwartz, chief operating officer at Pandora.
The Copenhagen-based charm specialist reported revenues in the quarter totaled 7.89 billion Danish kronor, representing a 7 percent decrease year-on-year.
For the full year, total like-for-like revenues slid 4 percent to 22.8 billion Danish kronor.

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