November 5, 2019 / 7:03 AM / 3 months ago

Jeweller Pandora cuts sales outlook, Q3 profit lags forecasts

COPENHAGEN, Nov 5 (Reuters) - Danish jewellery maker Pandora on Tuesday warned of a steeper fall in sales this year than previously expected while its third-quarter adjusted operating profit lagged forecasts amid weakness in key markets and turmoil in Hong Kong.

Third-quarter earnings before interest tax (EBIT) and excluding restructuring costs fell 25% to 891 million Danish crowns ($132.71 million), below the 986 million crowns expected by analysts in a poll compiled by Pandora.

Its total like-for-like sales, a key metric, dropped 10% in the third quarter, when excluding the impact from Hong Kong where it said that the extraordinary turmoil had led to a negative like-for-like growth of 50% in the market. ($1 = 6.7138 Danish crowns) (Reporting by Stine Jacobsen; Editing by Christian Schmollinger)

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