PARIS — Pandora registered a loss in the third quarter and cut its revenue guidance for the full year, but expects strong year-end trading.
The embattled Danish jewelry brand, which is working through a turnaround program, said on Tuesday it registered a net loss of 119 million Danish kroner, or $17.7 million, in the third quarter versus a profit of 951 million kroner in the same period last year.
Sales in the third quarter declined 11.4 percent to 4.42 billion Danish kroner, negatively impacted by business in China.
“Our brand initiatives that started in late August receive good feedback from consumers, and the early positive indications are supporting our expectations for solid Christmas trading,” Alexander Lacik, president and chief executive officer of Pandora, said in a statement.
“We continue to believe that we will see an improvement in like-for-like in Q4, although the exact magnitude is clearly subject to uncertainty,” he continued.
Pandora said it now expects organic sales growth for full-year 2019 to be between minus 7 percent and minus 9 percent. It had previously targeted a dip in revenues of between 3 percent and 7 percent.