Following publication of their Q2 Interim Results, shares in Pandora, the Danish maker of charm bracelets, slumped 8 percent "after the company missed analyst expectations for revenue and profits in the second quarter", writes Financial Times, adding that this makes it currently, "the worst performing stock in Europe." Despite revenue improving 12% to $767 million (DKr 4.83 billion) in the second quarter, it fell well shy of analysts’ expectations of $780 million (DKr4.91bn. DKr4.91bn). Net profit for the period slid approximately 8% from $190.6 million (DKr1.2bn) to $175 million (DKr1.1bn), while analysts had expected it to be flat.
Commenting on the results, Anders Colding Friis, CEO of Pandora, said: ”We are pleased with the results for the second quarter delivering double digit top-line growth and continued healthy profitability. Markets like China, Italy, the UK, and Australia performed well, reflecting the significant growth potential for our product offering in both our newer and more developed markets." However, he recognized that, "The retail environment in the US remains challenging", despite like-for-like sales-out achieved 8% growth in the US, "driven by more effective promotions and improved in-store execution." Friis also notes, "solid improvement in the performance of the concept store network." Pandora is trying to branch out from its tried and tested bracelet and charms model into more traditional jewelry,