Strong underlying performance at Pandora
Brand momentum drives strong in 3Q Pandora Brand continued progress on the Programme now transformation and the underlying turnaround of the business. Sell-out growth in Q3 of -2% and organic growth was -5%. Online organic growth was 89% and accounted for 21% of revenue in the quarter Q4 started in line with the trends from the second half of Q3, and October sell-out growth was +8% . With the recent Covid-19 lockdowns, Pandora’s assumptions behind the financial guidance are no longer fulfilled. Due to the uncertainty related to the current and future escalation of Covid-19, it is not considered meaningful to make new assumptions and announce an updated financial guidance. At this point in time, Pandora does not change the guidance but the recent lockdowns and potential further Covid-19 escalation represent a clear downside risk. Announced lockdowns so far entail that approximately 18% of the physical stores will be temporarily closed in November. The performance in Q3 2020 is a