Pandora sees 10% drop fourth quarter net profit
Danish jewellery retailer Pandora has reported a 10% drop in net profit in its fourth quarter and has warned of declining sales and narrowing margins in 2012.
Net profit in the fourth quarter of 2011 fell to 555 million Danish kroner from 619 million kroner in the same period a year earlier. Group sales fell 15% to 1.95 billion kroner, compared to 2.30 billion kroner in the previous year.
This meant that in 2011 full year the company saw 0.1% decrease in group sales to 6.65 billion kroner. EBITDA fell 1% to 2.28 billion kroner.
The company announced yesterday that it had implemented a campaign to buy back unsold stock from retailers for the first two quarters of the financial year which would adversely affect 2012 results.
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