Pandora is the latest European fashion firm to credit robust U.S. business for robust second-quarter gains.
Stimulus, indeed.
The U.K., Pandora’s second-largest market, was also in positive territory, growing 1 percent. There, Pandora has been testing its new range of jewelry employing sustainable laboratory-created diamonds, dubbed Brilliance. “So far, so good,” noted Alexander Lacik, president and chief executive officer of the company, declining to detail any further rollouts until the end of the 2021.
While stimulus packages added to the “underlying strong performance” in America, Pandora said China remains weak and it will take the “first steps to reposition the brand” in the second half. China is expected to remain a drag on Q3 tallies, noted Anders Boyer, executive vice president and chief financial officer.Meanwhile, online sales rocketed 132 percent in the quarter versus the same period in 2019.EBIT margin during the three months stood at 25.2 percent, “lifted by unusually strong U.S. growth,” Pandora noted.
Key product launches in the second half include the Pandora Me range, hinged on a link bracelet and such favorite charms as four-leaf clovers, horseshoes and Hamsa hands.
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