Pandora Reopens Some Stores, Sees Strong Sales

RAPAPORT... Pandora restarted business at a number of locations that had been on lockdown, amid strong sales growth in February.Approximately 25% of the Danish jeweler's retail network is currently closed due to a resurgence of coronavirus cases, compared to 30% in January, it said Tuesday. The company's sales rose 12% on an organic basis versus the same month of 2020, and increased 10% compared to the same month in 2019. Like-for-like sales grew 7% year on year. In February 2020, Pandora saw limited impact from the pandemic, as the outbreak was mainly centered in China at the time. Sales for the quarter to date have climbed 4% year on year on an organic basis and 5% versus 2019. Like-for-like sales have grown 1% year on year."Pandora is pleased with the performance so far in 2021," the company noted. "Considering that 25% to 30% of the stores were closed during January and February, the underlying trading continues to indicate that [sales] are stabilizing or growing."Growth in the US has been particularly strong, the company added. Most of the stores that remain on lockdown are in Europe, with all UK shops shut as the country battles a more severe variant of the virus.Pandora has maintained its forecast of organic growth above 8% for the full year, as well as an earnings before interest and tax (EBIT) margin of more than 21%, it said.The jeweler's stock rose between 7% and 8% Tuesday morning following the announcement.Image: A Pandora store in Florida. (Flickr)