Advert: New Pandora 2019 Dream Away Jewellery Collection
Music: My Reason - Jamie
Copenhagen Denmark - Pandora, which makes more jewellery than any other company in the world, said it got off to a weak start in 2019 as the cost of launching a programme designed to make it more efficient ate into its results.
The report was the first to be published under Alexander Lacik, who last month took over as chief executive after Pandora responded to years of disappointing results by parting ways with a number of its top mangers.
On Tuesday, the Copenhagen-based company reported earnings before interest and tax of 960 million kroner ($144 million) for the first quarter, missing the average analyst estimate of just over 1 billion kroner. It kept its forecast for an adjusted EBIT margin of 26-28 percent and a decline in organic revenue of 3-7 percent. Revenue in the quarter broadly met market expectations of about 4.8 billion kroner.