Pandora Shares Fall On Disappointing U.S. Sales.

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Jewellery maker Pandora (PNDORA. CO) reported disappointing second-quarter sales in the U.S. Market; prompting its shares to fall, but reaffirmed its annual forecast, saying higher costs of living had not impacted jewellery buying.

Shares in Pandora, the world’s largest mass-market jewellery brand with more than 6,400 stores worldwide, fell more than 7% after it said organic growth in the United States, its biggest market, was down 12% year-on-year in the quarter.

It said shrinkage in the U.S. market was due to the fading effect of coronavirus-related stimulus packages, which had boosted sales a year earlier.

“The United States has record low unemployment rates, salaries are going up quite a bit, and people have high savings, so there’s plenty of disposable income still available,” Chief Executive Alexander Lacik said in an interview.

Shares in Pandora traded 7.3% lower at 0810 GMT. The stock has shed almost 40% of its value since the start of the year.

Reuters.

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