Pandora performance continues to be solid
December revenue is above expectations! Pandora started Q4 with positive organic growth in October and November. December has been impacted by phasing of revenue from December to November but underlying performance continues to be solid, and December revenue is above expectations. The organic growth for 2020 is now expected to be at least 1 percentage point better than the high end of the guidance range of -14% to -17%. The EBIT-margin is expected to reflect the revenue performance and exceed the top end of the guidance range of 17.5% – 19.0%. It should be noted that the financial results for 2020 are still subject to the usual year-end audit. On average, more than 10% of the physical stores were temporarily closed during Q4 2020. The negative impact on performance from COVID-19 store restrictions appears to have been offset by a non-recurring positive impact from reallocation of consumer spending away from travelling and services towards gifting and discretionary good...