Pandora shares down on missed Q1 forecast

Fast-growing Danish jewellery maker Pandora (PNDORA.CO: Quote) missed forecasts with a 55 percent rise in first-quarter profit as price rises failed to match surging gold and silver costs, hitting its shares on Thursday.

The German market disappointed in the first quarter and Pandora’s heavy reliance on one product, charms and charm bracelets, remained a cause for concern, analysts said. Pandora, which makes jewellery in Thailand, said it had implemented price rise in most markets and was keeping its 2011 outlook intact. Plans to open more than 250 new stores this year were unchanged, it said.