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UPDATE 1-Jewellery maker Pandora maintains 2017 outlook, shares jump
April 20, 2017 / 8:06 AM / 7 months ago

UPDATE 1-Jewellery maker Pandora maintains 2017 outlook, shares jump

(Adds analyst, share reaction)

April 20 (Reuters) - Shares in Danish jewellery maker Pandora jumped more than 4 percent on Thursday, recouping earlier losses, after the firm reassured markets by maintaining its 2017 outlook as it updated its financial reporting structure:

* “The financial guidance is unchanged and the content of this release will have no impact on PANDORA’s outlook for 2017,” Pandora said in a statement

* Shares in the firm rose 4.5 percent at 0740 GMT, lifting Pandora to the top of the Stoxx 600 Europe index

* The positive share reaction was triggered by the outlook comment rather than the updated reporting structure, analysts said

* “Among investors especially there has been an explicit fear that the firm would downward revise its outlook,” said Nykredit analyst Klaus Kehl

* The stock recouped some of the losses from Tuesday, when it slumped following a downgrade by brokers Carnegie

* Pandora is expected to report first-quarter earnings May 9

* In February, Pandora said it expects a 13-18 percent rise in revenues this year to between 23 and 24 billion Danish crowns ($3.3-3.5 billion), down from a 21.5 percent rise in 2016

* The maintaining of Pandora’s guidance came in connection with an updated financial reporting structure aiming to “provide greater clarity around the development of our owned and operated retail business, which is making a growing contribution to Group revenue”

* For more detail on the new reporting structure, click here Further company coverage: (Reporting by Stine Jacobsen, editing by Terje Solsvik)

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