Virus Resurgence Forces Pandora Store Closures
Pandora shuttered approximately 30% of its retail network in January amid a new outbreak of coronavirus cases.
Most of the store closures were in Europe, with all its UK shops shut as the country battles a more severe variant of the virus, a spokesperson for the Danish jeweler told Rapaport News Monday. As of December 31, some 10% of global locations were closed.
The company’s sales fell 3% year on year in January on an organic basis. In January 2020, Pandora saw a limited impact from the pandemic, as the outbreak was mainly centered in China at the time, and the company did not begin closing stores until January 22.
January’s performance was in line with the company’s expectations. Pandora still forecasts organic growth above 8% for the full year, as well as an earnings before interest and tax (EBIT) margin of more than 21%, it noted.
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