Pandora posts profit at top end of expectations

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Pandora posts profit at top end of expectations

August 8, 2012 – Pandora, known for charm bracelets, posted quarterly profit at the top end of expectations.
The Danish jewellery maker said a turnaround plan based on cheaper items was succeeding as the new products were selling well.
Earnings before interest and tax (EBIT) fell 61 percent to 173 million Danish crowns ($29 million), compared with a forecast for 133 million.
“We have had a successful launch of our spring/summer collection and very encouraging initial feedback on our autumn/winter collection,” chief executive Bjorn Gulden told analysts.
A campaign aimed at kick-starting sales was launched in February.
Gulden said about two thirds of Pandora retailers took part in the campaign.

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