GJ Town India

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 goods.   Pand

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