// Pandora saw an “improvement” in its main markets
// The jewellery retailer raised its profit guidance after sales rose
Pandora has raised its profit guidance after sales rose thanks to a shift to online shopping during the third quarter.
The Danish jeweller saw a “further improvement” in the majority of its main markets, as underlying brand momentum continued to develop.
It now expects EBIT-margin for the year in the range of 17.5 per cent to 19 per cent, up from a previous guidance of 16 per cent to 19 per cent.
READ MORE: Pandora sees shoppers return to stores “faster than expected”
Online sales grew by 89 per cent in the third quarter compared to the same period last year, which offset the decline in customers in physical stores.
Around 90 per cent of physical stores remained open in the third quarter on average.
Pandora now expects organic growth for the year in the range of 14 per cent to 17 per cent, narrowed up from a previous guidance of 14 per cent to 20 per cent.
Pandora will publish its third quarter earnings on November 3.
Pandora operates in more than 100 countries through 7400 points of sale, including more than 2700 concept stores.
Click here to sign up to Retail Gazette‘s free daily email newsletter
