Danish mass-market jewellery brand Pandora announced that the US market — its biggest — remains challenging and said the going was already difficult for the first quarter. As a result of the announcement, investors beat the company’s stock down as soon as the Danish market opened.
Saying it was taking measures to counter a lack of innovation, the company said it was rolling out new products. However, sales would grow more slowly than anticipated in the interim, it warned.
The US market remained difficult, Pandora said, adding that it would need to grow its online sales to break out of its current stagnancy.
Though US revenue grew 16 percent in the last quarter of 2017 when compared to the last quarter of 2016, the company lost more than a quarter of its market value in 2017 as investors perceived an overall weak retail environment.