Pandora soars as CEO reassures investors with promise of cash
Copenhagen — Shares in Pandora recouped much of last week’s sudden loss as management spent Tuesday reassuring investors that 2018 would mark a turning point for the troubled jewellery manufacturer and retailer. CEO Anders Colding Friis and the departing head of finance, Peter Vekslund, promised to tackle investor concerns and pledged handsome returns, during a presentation that won praise from analysts. Tuesday’s capital markets day was the Danish company’s first since 2016. The CEO acknowledged 2017 had been marred by "hiccups" and said there were "things we can do better". He also made clear Pandora would "expect to return quite a lot of cash to our shareholders" in 2018-22. The stock gained as much as 6.4%, its biggest increase since November. Friis is confronting shareholders who have lived through a 27% stock-price decline in 2017 and losses in early 2018. Management said on Thursday the company had not lived up to its targets for 2017 and signalled profit growth would be more...
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