// Pandora profits dropped by 42% to £436m in the 2019 financial year
// Revenue dropped by 4% £2.5bn
// Black Friday drove online like-for-like sales by 28%
Pandora was forced to lean heavily on Christmas as its profit dropped by over 40 per cent in 2019.
Profit before tax fell by 42 per cent to 3.8 billion Danish krone (£436 million) in the 2019 financial year, while revenue dropped by around four per cent to 21.9 billion krone (£2.5 billion).
The fall in pre-tax profit slowed down during the quarter to 10 per cent, at 2.3 billion krone (£260 million).
Meanwhile, Black Friday drove online like-for-like sales by 28 per cent thanks to strong double-digit growth in the US and UK.
In the UK, Pandora’s second biggest market after the US, revenue grew by two per cent over the year thanks to its charms sales.
The Danish jewellery retailer said it is half way through a two-year turnaround.
However, its shares dropped by 3.4 per cent to 337 Danish krone (£38) as executives warned it was not set to return to growth this year.
“With 2019 behind us, we have completed the first year of our two-year turnaround,” Pandora chief executive Alexander Lacik.
“We have made significant changes in a very short time, and the results in the fourth quarter give us confidence.”
“In 2020, we will continue to invest significantly to drive the top line, strengthen our organisational capabilities and pursue further cost reductions to fund our growth initiatives.
“Our priority remains to do what is right for the company in the long-term.”
with PA Wires