Danish jewellery maker Pandora’s share tumbles on profit warning
Copenhagen — Shares in Danish jewellery maker Pandora plunged by a fifth to their lowest level in more than four years on Tuesday after the company issued a profit warning and announced plans to cut 400 jobs. Pandora, known for its charm bracelets, lowered its sales and profit margin guidance for 2018 on Monday, saying both had fallen in the second quarter. The world’s largest jeweller by production volume, Pandora earlier in 2018 warned of thinner margins due to slowing mall traffic in the US and British markets, a lack of new products, and lower prices in China. Shares were trading 19% lower at 347.9 kroner on Tuesday, the lowest level since May 2014. "Another profit warning just a few months after the updated midterm targets may put the credibility of the current strategy and management team in question," said Berenberg analysts, who lowered their target price to 475 kroner from 555 kroner. Pandora owns 2,600 stores worldwide, but sales have slipped in its 600 stores in Britain a...
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