Wednesday, August 3, 2011

Pandora loosing its luster?

Reprinted quote from Jewelry net Asia.  Looks as if Pandora may be falling off in popularity....

This week the European jewellery press has been dominated by the news that Danish jewellery powerhouse Pandora has had to dramatically slash its profit forecast for the year following poor sales, and also announced that it is to part ways with its CEO, Mikkel Vendelin Olesen.

The company issued a profit warning on Tuesday which caused its shares to plummet by 65%. Its board of directors decided to update its expectations for the financial year 2011 following poor trading results for the second quarter of 2011, which was marked by a sharp revenue deterioration and worsening trading conditions causing sales to slump by 30%.