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Encouraging sales recovery since April - The future retail environment continues to be subject to significant uncertainty

Q2 Highlights

  • Sales recovery during Q2 led to -39% sell-out growth and positive EBIT before restructuring costs
  • Strong free cash flow in Q2 (DKK 943 million incl. lease payments). NIBD/EBITDA at 1.1
  • Sell-out growth has continued to improve since April to around -10% in Q3 quarter-to-date
  • The retail environment continues to be subject to uncertainty due to the COVID-19 development. Sell-out growth improvement has stalled in Q3 following new surges in COVID-19

Since the outset of the COVID-19 outbreak, Pandora has initiated forceful initiatives to manage through the crisis in a socially responsible way. The initiatives have led to a very robust liquidity position, protected profitability as revenue declined and created a strong sales recovery throughout Q2 2020. During the re-opening phase, consumer interaction with the brand has been encouraging with continued positive response to Pandora’s commercial initiatives unfolded and executed in continuation of the brand relaunch on 29 August 2019. The global sell-out growth gradually improved since April to around -10% in Q3 quarter-to-date. However, the recent surges in COVID-19 and new, local lockdowns in August are impacting consumer behaviour and has stalled the improvement in sell-out.

Pandora continues to consider the future macroeconomic environment and COVID-19 development as highly uncertain. Based on the assumption that there will be no new major lockdowns, a continued positive development in the number of open stores and no material deterioration of the macroeconomic environment, Pandora today reinstates its 2020 financial guidance. The continued local spikes in incident rates and inherent commercial impact from social distancing are expected to continue to negatively impact revenue in the second half of the year. Pandora expects organic growth to be -14% to -20% in 2020. The full-year EBIT-margin is expected to be between 16% and 19%.

Alexander Lacik, President and CEO of Pandora, says:
“Q2 2020 will not be forgotten anytime soon. COVID-19 has changed our societies and challenged global brands around the world. The pandemic may leave a lasting effect on consumer behaviour, our ways of working and use of technology. Pandora’s business model has proven its resilience during the crisis, and our consumers have continued to engage actively with the brand despite closed stores. I am proud of how our employees have been coping with the challenges while at the same time finding creative ways to identify opportunities in times of change.”

Financial overview (excl. restructuring costs)

Q2 2020Q2 2019H1 2020H1 2019
Sell-out growth incl. temporarily closed stores, %-39%-10%-28%-10%
Like-for-like (excl. closed stores), %8%-10%-4%-10%
Organic growth, %-38%-7%-26%-9%
Revenue, DKK million2,8764,6937,0489,497
EBIT margin, %1.1%22.9%9.5%22.7%

A conference call for investors and financial analysts will be held today at 11.00 CEST and can be joined online at The presentation for the call will be available on the website one hour before the call.

The following numbers can be used by investors and analysts:
DK: +45 35 44 55 77
UK (International): +44 33 33 000 804
US: +1 855 85 70 686

Please use PIN: 448 014 67#

Link to webcast:

Pandora designs, manufactures and markets hand-finished and contemporary jewellery made from high-quality materials at affordable prices. Pandora jewellery is sold in more than 100 countries on six continents through more than 7,300 points of sale, including more than 2,700 concept stores.

Founded in 1982 and headquartered in Copenhagen, Denmark, Pandora employs around 28,000 people worldwide of whom more than 12,300 are located in Thailand, where the Company manufactures its jewellery. Pandora is publicly listed on the Nasdaq Copenhagen stock exchange in Denmark. In 2019, Pandora’s total revenue was DKK 21.9 billion.

For more information, please contact:

Michael Bjergby
VP, Investor Relations, Tax & Treasury
+45 7219 5387
Mads Twomey-Madsen
VP, Corporate Communications & Sustainability
+45 2510 0403
Christian Møller
Investor Relations Officer
+45 7219 5361
Johan Melchior
Director, External Relations
+45 4060 1415


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