Pandora’s profit drops by more than 40% in 2019
The Danish jewelry company has reached sales of 21.8 billion Danish crowns (3.2 billion dollars), 4.1% less than in the year 2018. Its Net profit suffers a four-year consecutive decline.
Pandora suffers a blow in profits. The Danish jewelry company has sunken its profit by 41.6% in 2019, up to 2.9 billion Danish crowns (436 million dollars). The jewelry manufacturer’s profit has been on a sequential decline since 2017.
The sales have also ended the year in the lower range. In 2019, Pandora’s revenue decreased by 4.1%, to 21 billion Danish crowns (3.2 billion dollars), this result was driven by the decline in sales at multi-brand stores. Sales generated through own stores increased by 9.9%, to 14 million Danish crowns (2.1 billion dollars), wholesale sales decreased by 22.1%, to 6,725 million Danish crowns (995 million dollars).
Europe, the Middle East and Africa continued to be Pandora’s most successful market for Pandora, with revenues of 4.2 million Danish crowns (615 million dollars), 10.8% less than in 2018. In contrast, in Asia Pacific Pandora grew by 7%, up to 1.4 billion Danish crowns (202 million dollars). Sales in America rose 4.6%, to 1.9 billion Danish crowns (282 million euros).
The jewelry manufacturer’s profit has been on a sequential decline since 2017
The company has reduced sales in all of its product categories. Pandora’s charms revenue fell by 6%, to 11.4 million Danish crowns (1.7 billion dollars). Sales of bracelets stood at 4.2 billion Danish crowns (624 million dollars), 4% less, and those of rings recorded 3.1 million Danish crowns (460 million dollars), 1.7% less. “In 2020, we expect like-for-like to improve further as we continue our turnaround,” said the company in a report.
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