Pandora sees 10% drop fourth quarter net profit
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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