95% of the Pandora stores were open!

 

Pandora -5% organic growth in Q3 2020 

Pandora, strong underlying sales performance leading to -2% sell-out growth and -5% organic growth in Q3 2020 and its’ Online organic growth was 89% in Q3 2020. Q3 2020 EBIT margin excluding restructuring costs was around 17% and better than expected driven by the favourable revenue development!

Despite the continued uncertain and unpredictable macroeconomic environment caused by Covid-19, Pandora now expects organic growth and EBIT-margin for 2020 to end in the upper half of the previously announced guidance range, 

1: Updated organic growth guidance: -14% to -17% (previous guidance: “-14% to -20%”), 2: Updated EBIT margin guidance: 17.5% to 19.0% (previous guidance: “16% to 19%”). 

In the third quarter of 2020, the underlying brand momentum continued to develop strongly as Pandora experienced a further improvement in the majority of the main markets. 

In markets where the physical store network is open, a high conversion rate and continued strong performance in the online channel largely offset reduced traffic into physical stores compared to the same quarter last year. Pandora continues to invest in the underlying brand momentum while preparing for the peak trading periods in Q4 2020. 

The financial performance is still impacted by temporary store closures and other Covid-19 restrictions including social distancing requirements and reduced opening hours in some physical stores. On average, approximately 90% of the physical stores were open during Q3 2020. At the end of the quarter, around 95% of the stores were open.