Pandora’s revenue increased in the first quarter, even as more than one-third of its stores remain shut due to Covid-19 restrictions.
The company’s sales rose 13% on an organic basis to DKK 4.5 billion ($719.3 million) versus the same quarter in 2020, the jeweler said last week. Like-for-like sales grew 21% year on year. Sales for the three months ending March 31, 2020, were impacted by the closure of most of the company’s stores in China since late January, as well as of a number of global locations in March. Revenue for the first quarter of 2021 decreased 3% compared to the same period in 2019. Approximately 35% of the Danish jeweler’s retail network is currently shut due to the coronavirus pandemic. This compares to 25% in early March, and an average of 30% throughout the first quarter, the company noted. Pandora has maintained its forecast of organic growth above 8% for the full year, as well as an earnings before interest and tax (EBIT) margin of more than 21%, it said. The company will release its full results for the first quarter on May 4.