Pandora benefits from speedy return of shoppers to stores
Pandora has said it now has 86% of its stores open and trading following Covid-19 lockdowns across the world as it announced that its second quarter EBIT has come out better than expected.
It also revealed that almost all stores in its seven key markets have reopened.
In a trading update for the quarter, the jewellery retailer said trading had been significantly affected by Covid-19 store closures early in the period, although there was a partial recovery throughout May and June.
Based on unaudited financial statements, group organic growth and total sell-out growth ended up being around 40% down in the period.
Meanwhile, EBIT excluding restructuring costs is expected to roughly break even, which is better than the retailer expected. Pandora attributed the performance to a faster reopening of markets, speedier footfall recovery in reopened stores, and strong online sales.
Pandora said it increased its media spending as markets reopened to help attract customers back to its stores.
