Wires

Jeweller Pandora shares shine as says 2019 sales to meet forecast

COPENHAGEN, Jan 6 (Reuters) - Danish jewellery maker Pandora said on Monday that preliminary results showed it would meet its 2019 sales and profit margin forecast, lifting its shares by 10%.

Pandora, which is trying to turn around its business after a series of profit warnings, said it expected like-for-like sales to fall 4% in the fourth quarter and 8% in the full-year 2019.

The jeweller also said it expects organic sales growth to be down 1% in the fourth quarter and 8% lower for the full year, compared to a 7-9% drop it had forecast for 2019.

Its full-year EBIT (earnings before interest and tax) margin excluding restructuring costs is expected to be in the upper end of a range of 26-27% which Pandora has previously indicated. (Reporting by Stine Jacobsen; Editing by Alexander Smith)

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