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Pandora To Shut 25% Of Stores Worldwide, But Earnings Are Up January 13, 2021 (0 comments)
Copenhagen, Denmark—Danish bead brand Pandora said Monday that new coronavirus lockdown measures have forced the closure of about one-fourth of its 2,700 stores worldwide. But at the same time, it raised its full-year earnings guidance for the second time in less than two weeks, CNBC reports.
The gain in earnings comes as consumers shift spending from travel and entertainment to jewelry. The jewelry industry overall has seen a significant benefit from this shift since the coronavirus pandemic has shut down so much of the travel and hospitality industries.
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The company’s EBIT margin (earnings before tax and interest) is expected around 20%, compared to the 17.5%-19% guidance it issued in late December 2020, says the article. Pandora shares rose slightly, 0.6% after the statement was released.