Large diamond retailer drops 22% after cutting guidance
Pandora cut expected revenue in 2018 from 7 to 10 per cent to 4 to 7 percent.
The stock plummeted 22% to DKK452 (US$70.30).
Pandora (PNDORA.CO), which is headquartered in Denmark and employs 23,500 people worldwide, gave no reason for the change.
The EBITDA margin was also cut from 35 per cent to 32 per cent.
Earlier this month, the company laid off 397 workers. Pandora says it still plans to add 250 new outlets, half to operate in Europe, the Middle East and Africa. Pandora also said its capital allocation plans are unchanged.
In 2017, PANDORA’s total revenue was DKK 22.8 billion (US$3.55 billion).
Creative Commons image courtesy of Jonas Bengtsson