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Pandora A/S (PNDORA.CO)

PNDORA.CO on Copenhagen Stock Exchange

252.70DKK
16 May 2019
Change (% chg)

kr.-0.70 (-0.28%)
Prev Close
kr.253.40
Open
kr.254.20
Day's High
kr.255.50
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kr.246.60
Volume
585,346
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718,060
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kr.565.00
52-wk Low
kr.246.60

Latest Key Developments (Source: Significant Developments)

Jeweller Pandora Q1 Ebitda Beats Forecast; Keeps Full-Year Guidance Unchanged
Tuesday, 7 May 2019 

May 7 (Reuters) - Pandora A/S ::SAYS FINANCIAL GUIDANCE FOR 2019 IS UNCHANGED.CEO SAYS PROGRAMME NOW IS PROGRESSING RAPIDLY AND IS CREATING A REAL TRANSFORMATION OF OUR BUSINESS, CULTURE AND ORGANISATION.CEO SAYS AS EXPECTED, Q1 WAS CHARACTERISED BY CONTINUED WEAK LIKE-FOR-LIKE FURTHER BURDENED BY OUR DELIBERATE COMMERCIAL RESET.Q1 TOTAL LIKE-FOR-LIKE SALES-OUT GROWTH (LIKE-FOR-LIKE) WAS -10% DRIVEN BY LOWER TRAFFIC IN PHYSICAL STORES.CEO SAYS WHILE Q1 EMPHASISES NEED FOR OUR PLANNED BRAND RE-LAUNCH, IT IS ENCOURAGING TO SEE THAT OUR INITIAL COMMERCIAL PILOTS AND MARKETING TESTS TO REIGNITE A PASSION FOR PANDORA SHOW GOOD RESULTS.SAYS PROGRAMME NOW COST REDUCTION INITIATIVES TRACKED WELL IN Q1.SAYS PANDORA IS RAPIDLY CHANGING COST MINDSET AND PERFORMANCE CULTURE AND HAS MADE SIGNIFICANT PROGRESS IN SEVERAL AREAS INCLUDING PRODUCTIVITY IMPROVEMENTS IN THAILAND.SAYS AS EXPECTED, Q1 2019 FINANCIALS WERE WEAK AND IMPACTED BY COMMERCIAL RESET INITIATED AS PART OF PROGRAMME NOW.SAYS COMMERCIAL RESET INCLUDES FEWER PROMOTIONAL ACTIVITIES (DISCOUNTING) AND REDUCED SIZE OF SELL-IN PACKAGES.Q1 REVENUE 4,804 MILLION DKK VERSUS 4,864 MILLION SEEN IN REUTERS POLL.SAYS ORGANIC GROWTH ENDED AT -12% REFLECTING DECREASE OF WHOLESALERS' INVENTORY PARTLY DRIVEN BY REDUCED SELL-IN PACKAGES.SAYS EBIT MARGIN EXCLUDING RESTRUCTURING COSTS WAS 22.5% IN Q1.Q1 EBITDA 1,474 MILLION DKK VERSUS 1,282 MILLION SEEN IN REUTERS POLL.  Full Article

Pandora Board Of Directors Has Approved A Long-Term Incentive Programme For 2019
Friday, 29 Mar 2019 

March 29 (Reuters) - Pandora A/S ::BOARD OF DIRECTORS OF PANDORA HAS APPROVED A LONG-TERM INCENTIVE PROGRAMME (LTIP) FOR 2019.PROGRAMME INCLUDES A POTENTIAL GRANT OF UP TO 120.386 PERFORMANCE SHARES TO COMPANY'S EXECUTIVE MANAGEMENT AND UP TO 355.150 PERFORMANCE SHARES TO KEY EMPLOYEES.LTIP IS A THREE-YEAR PROGRAMME WITH AN ADDITIONAL TWO-YEAR VESTING PERIOD FOR EXECUTIVE MANAGEMENT.GRANT IS SUBJECT TO PERFORMANCE TARGETS RELATED TO 2019 EBIT MARGIN, 2019 TOTAL LIKE-FOR-LIKE, AND TOTAL SHAREHOLDER RETURN (TSR) RELATIVE TO A DEFINED PEER GROUP, MEASURED OVER THREE YEARS.CURRENT MARKET VALUE OF TOTAL LTIP IS APPROXIMATELY DKK 99 MILLION.  Full Article

Pandora To Initiate Preparations To Identify New Chairman
Wednesday, 13 Mar 2019 

March 13 (Reuters) - Pandora A/S ::PANDORA TO INITIATE PREPARATIONS TO IDENTIFY NEW CHAIRMAN.ANNUAL GENERAL MEETING OF PANDORA IS HELD TODAY.AT MEETING, CHAIRMAN OF BOARD PEDER TUBORGH WILL ADDRESS INITIATIVES TO FURTHER RENEW COMPOSITION OF BOARD OF DIRECTORS."ONCE OUR NEW CEO, ALEXANDER LACIK, HAS BEEN ONBOARDED, AND WE START TO SEE TRACTION FROM PROGRAMME NOW, FOUNDATION FOR A SUCCESSFUL BRAND TURNAROUND WILL BE IN PLACE. THEN IT WILL BE TIME FOR ME TO HAND OVER BATON TO A NEW CHAIRMAN", SAYS CHAIRMAN PEDER TUBORGH.AS PART OF CONTINUED SUCCESSION PLANNING OF BOARD, PEDER TUBORGH WILL ASK NOMINATION COMMITTEE TO INITIATE PREPARATIONS DURING 2019 TO APPOINT HIS SUCCESSOR AS CHAIRMAN.  Full Article

Pandora misses analysts forecasts in Q3, lowers full-year forecast
Tuesday, 6 Nov 2018 

Nov 6 (Reuters) - Pandora A/S ::Q3: TOTAL LIKE-FOR-LIKE SALES-OUT GROWTH WAS -3% (-1% IN Q2 2018 AND -3% IN H1 2018).IN Q3 2018, GROUP REVENUE DECREASED 3% IN LOCAL CURRENCY.SAYS PANDORA ADJUSTS FULL YEAR REVENUE GROWTH EXPECTATIONS TO 2-4% IN LOCAL CURRENCY (FROM PREVIOUSLY GUIDED 4-7%).Q3 EBITDA 1,445 MILLION DKK VERSUS 1,599 MILLION SEEN IN REUTERS POLL.SAYS EBITDA MARGIN IS STILL EXPECTED TO BE APPROXIMATELY 32%, DUE TO ALREADY IMPLEMENTED COST SAVINGS AS WELL AS A VERY STRONG COST FOCUS ACROSS MARKETS AND FUNCTIONS.Q3: RETAIL LIKE-FOR-LIKE SALES-OUT GROWTH WAS 1% (3% IN Q2 2018).SAYS AS A CONSEQUENCE OF REDUCTION IN ACQUISITIONS AND NETWORK EXPANSION, PANDORA SEES A LOWER BUT MORE SUSTAINABLE GROWTH GOING FORWARD.SAYS IN 2019 AND POTENTIALLY INTO 2020, GROWTH IS EXPECTED TO BE IMPACTED BY A PLANNED REDUCTION OF PROMOTIONS AND MARK-DOWNS AS WELL AS A CONTINUED REDUCTION OF INVENTORIES IN WHOLESALE CHANNEL.SAYS PLANNED REDUCTION OF PROMOTIONS AND MARK-DOWNS IS EXPECTED TO HAVE A NEGATIVE IMPACT ON BOTH REVENUE AND TOTAL LIKE-FOR-LIKE IN SHORT TERM, WHILE IT IS EXPECTED TO BE MARGIN NEUTRAL ON GROUP LEVEL.SAYS PANDORA IS REVIEWING AMBITION TO REACH AN ANNUAL EBITDA MARGIN OF 35% DURING 2019-2022.SAYS FINANCIAL GUIDANCE FOR 2019 WILL BE PROVIDED IN CONNECTION WITH FULL YEAR ANNOUNCEMENT IN FEBRUARY 2019.SAYS HEALTH CHECK ALSO SHOWS THAT THERE IS A NEED TO CHANGE HOW PANDORA OPERATES AND THAT THERE ARE SIGNIFICANT UNEXPLOITED OPPORTUNITIES TO IMPROVE EFFICIENCY.  Full Article

Pandora Hires Michael Bjergby As New IR Chief
Tuesday, 23 Oct 2018 

Oct 23 (Reuters) - PANDORA A/S ::PANDORA SAYS MICHAEL BJERGBY WILL JOIN PANDORA AS NEW VICE PRESIDENT OF IR, TREASURY & TAX ON 1 FEB.MAGNUS THORSTHOLM JENSEN HAS DECIDED TO STEP DOWN FROM HIS POSITION TO JOIN SEB AS SENIOR EQUITY ANALYST.  Full Article

Pandora Q2 like-for-like sales -1 pct
Thursday, 9 Aug 2018 

Aug 9 (Reuters) - Pandora A/S ::PANDORA INCREASES REVENUE WITH 4% IN LOCAL CURRENCY, EBITDA MARGIN WAS 31.1%.NEW PRODUCTS CONTRIBUTED POSITIVELY TO TOTAL LIKE-FOR-LIKE SALES-OUT GROWTH(1), WHICH IMPROVED TO -1% IN Q2 2018 FROM -5% IN Q1 2018..EBITDA MARGIN FOR QUARTER WAS 31.1%.TOTAL LIKE-FOR-LIKE SALES-OUT GROWTH WAS -1% (-5% IN Q1 2018).SAYS NEW PRODUCTS CONTRIBUTED POSITIVELY TO TOTAL LIKE-FOR-LIKE SALES-OUT GROWTH, WHICH IMPROVED TO -1% IN Q2 2018 FROM -5% IN Q1 2018.EBITDA WAS DKK 1,496 MILLION IN Q2 2018 (Q2 2017: DKK 1,611 MILLION).SAYS RESULTS FOR Q2 ALSO INDICATE THAT TRANSFORMATION PRESENTED AT CAPITAL MARKETS DAY IN JANUARY WILL TAKE LONGER THAN INITIALLY EXPECTED.SAYS NEW RINGS, EARRINGS, NECKWEAR AND BRACELETS DELIVERED GROWTH AS EXPECTED, BUT NEW CHARMS ARE NOT FUELING REIGNITION OF CHARMS REVENUE AS ANTICIPATED.EBITDA MARGIN OF 31.1% (Q2 2017: 33.4%).SAYS REDUCTION OF INVENTORIES IN WHOLESALE CHANNEL IS CHALLENGING REVENUE OUTLOOK FOR FULL YEAR 2018.SAYS THIS COMBINED WITH WEAKER THAN ANTICIPATED TOTAL LIKE-FOR-LIKE SALES-OUT GROWTH IN JULY AND INCREASING MANUFACTURING COSTS LED PANDORA TO CHANGE ITS FINANCIAL GUIDANCE FOR 2018 ON 6 AUGUST 2018.CEO SAYS WE STILL BELIEVE IN OUR STRATEGY TOWARDS 2022, BUT WE HAVE REALISED THAT WE HAVE BEEN TOO OPTIMISTIC ON SPEED OF IMPACT FROM NEW PRODUCTS.SAYS RETAIL LIKE-FOR-LIKE SALES-OUT INCREASED 3% (0% IN Q1 2018), AND ESTORE CONTINUED STRONG TREND AND INCREASED 54% IN LOCAL CURRENCY.  Full Article

Pandora's Chief Executive Steps Down
Thursday, 9 Aug 2018 

Aug 9 (Reuters) - Pandora A/S ::CEO OF PANDORA STEPS DOWN.ANDERS COLDING FRIIS IS STEPPING DOWN AS PRESIDENT AND CEO OF COMPANY EFFECTIVE AS OF 31 AUGUST 2018.BOARD REMAINS FULLY COMMITTED TO THIS STRATEGY AND RECOGNISES IMPORTANCE OF ITS SUCCESSFUL EXECUTION.COMPANY WILL BE FURTHER STRENGTHENING ITS MANAGEMENT TEAM AT SAME TIME AS A SEARCH FOR A NEW CEO IS UNDERWAY.JEREMY SCHWARTZ WILL BE JOINING PANDORA AS COO EFFECTIVE AS OF 1 SEPTEMBER.SCHWARTZ IS A FORMER CEO OF BODY SHOP.CFO, ANDERS BOYER, AND COO, JEREMY SCHWARTZ, WILL BE JOINTLY RESPONSIBLE FOR MANAGING COMPANY UNTIL THE APPOINTMENT OF A NEW CEO.SPENCER STUART HAS BEEN RETAINED TO LEAD EXECUTIVE SEARCH FOR BOTH A NEW CEO AND CANDIDATES FOR BOARD OF DIRECTORS.  Full Article

Pandora ‍Board Approves Long-Term Management Incentive Programme For 2018​
Thursday, 15 Mar 2018 

March 15 (Reuters) - PANDORA SAYS::‍BOARD OF DIRECTORS HAS APPROVED A LONG-TERM INCENTIVE PROGRAMME FOR 2018​.‍PROGRAMME INCLUDES POTENTIAL GRANT OF UP TO 17,306 STOCK OPTIONS TO COMPANY'S EXECUTIVE MANAGEMENT AND 101,151 STOCK OPTIONS TO KEY EMPLOYEES.THE GRANT IS SUBJECT TO PERFORMANCE TARGETS RELATED TO REVENUE GROWTH AND ACCUMULATED EBITDA OVER THE PERIOD OF 2018 TO 2020, MEASURED IN FIXED CURRENCY​.‍COMPOUND ANNUAL GROWTH RATE IN REVENUE OF 10% AND A MINIMUM AGGREGATED YEARLY EBITDA MARGIN OF 34% ARE REQUIRED TO RELEASE ALL STOCK OPTIONS​.‍IF REVENUE GROWTH IS BELOW 7% AND AGGREGATED EBITDA MARGIN BELOW 34% NO STOCK OPTIONS ARE RELEASED UNDER PROGRAMME.THE STOCK OPTIONS ARE GRANTED AT 1% OF THE AVERAGE MARKET PRICE OF THE PANDORA SHARE FIVE DAYS PRIOR TO THE GRANT IN Q1 2021​.‍MARKET VALUE OF TOTAL PROGRAMME IS APPROXIMATELY DKK 70 MILLION.IF THE PERFORMANCE CONDITIONS ARE MET MEMBERS OF EXECUTIVE MANAGEMENT ARE SUBJECT TO AN ADDITIONAL 2 YEAR VESTING PERIOD BEFORE THE STOCK OPTIONS CAN BE EXERCISED.​.  Full Article

Jewellery Maker Pandora CEO Says U.S. Retail Market Will Remain Challenged
Tuesday, 6 Feb 2018 

Feb 6 (Reuters) - Pandora A/S ::JEWELLERY MAKER PANDORA CEO ANDERS COLDING FRIIS SAYS THE U.S. RETAIL MARKET WILL CONTINUE TO BE CHALLENGED THROUGHOUT 2018.PANDORA CEO SAYS SALES OF VALENTINES COLLECTION IS PERFORMING BETTER THAN LAST YEAR.PANDORA CEO SAYS AUSTRALIA REMAINS ONE OF THE FIRM'S STRONGEST MARKETS EVEN THOUGH DECLINING TRAFFIC FROM CHINESE TOURISTS PROMPTED FALL IN Q4 SALES.  Full Article

Denmark's Pandora Launches 4 Bln Crowns Share Buyback Programme with Q4 report
Tuesday, 6 Feb 2018 

Feb 6 (Reuters) - Pandora ::REPORTS 15% REVENUE GROWTH IN LOCAL CURRENCY FOR 2017 AND 37.3% EBITDA MARGIN.SAYS ‍IN 2018, PANDORA WILL CONTINUE TO DRIVE GROWTH AND EXPAND STORE NETWORK. GROUP REVENUE IS EXPECTED TO INCREASE 7-10% IN LOCAL CURRENCY​.SAYS ‍EBITDA MARGIN IS EXPECTED TO BE AROUND 35% IN 2018​.SAYS ‍CAPEX FOR YEAR IS EXPECTED TO BE AROUND 5% OF REVENUE​.SAYS ‍EXPECTED LEVEL OF INVESTMENTS MAINLY INCLUDES INVESTMENTS IN PANDORA'S DISTRIBUTION NETWORK, IT AND CONTINUED OPTIMISATION OF COMPANY'S CRAFTING FACILITIES IN THAILAND​.SAYS ‍IN 2018, PANDORA PLANS TO CONTINUE TO EXPAND STORE NETWORK AND EXPECTS TO ADD AROUND NET 200 CONCEPT STORES DURING YEAR​.SAYS ‍PANDORA EXPECTS REVENUE GROWTH IN Q1 2018 TO BE SLIGHTLY BELOW GUIDED RANGE OF 7-10%​.SAYS ‍AS IN 2017, EBITDA MARGIN IS EXPECTED TO BE SIGNIFICANTLY LOWER IN FIRST HALF OF YEAR COMPARED WITH SECOND HALF​.SAYS ‍FOR 2018, PANDORA'S BOARD OF DIRECTORS HAS DECIDED TO INCREASE TOTAL CASH RETURN TO SHAREHOLDERS TO DKK 6.0 BILLION​.SAYS ‍BASED ON FINANCIAL RESULTS IN 2017, BOARD PROPOSES TO RETURN DKK 2 BILLION IN DIVIDEND IN 2018​.SAYS ‍THIS INCLUDES AN ORDINARY DIVIDEND OF DKK 9 PER SHARE AND ONE ADDITIONAL BI-ANNUAL DIVIDEND OF DKK 9 PER SHARE IN RELATION TO FIRST HALF 2018 RESULTS​.SAYS ‍BOARD HAS DECIDED TO LAUNCH A NEW SHARE BUYBACK PROGRAMME IN 2018, UNDER WHICH PANDORA WILL BUY BACK OWN SHARES TO A MAXIMUM CONSIDERATION OF DKK 4.0 BILLION​.Q4 REVENUE 7,603‍​ MILLION DKK VERSUS 7,623 MILLION SEEN IN REUTERS POLL.  Full Article

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Pandora to cut 1,200 jobs as first quarter profit, sales fall

COPENHAGEN Pandora will lay off another 1,200 workers in Thailand and speed up marketing spending as its new CEO looks to turn around the struggling jewellery maker after another fall in like-for-like quarterly sales.