31-3-2020
Pandora will withdraw its financial guidance announced on 4 February for the year of 2020, stating it is “no longer meaningful” amid the global escalation of coronavirus.
The performance in China, Italy were strong in January and February. Same-store sales in China dropped 70- 80 percent since late February after the outbreak. Pandora has been managing its cost levels, including media, rent and other store costs and shifted its focus to drive revenue from the online platforms.
Pandora has temporarily closed all its stores around the world to keep employees and customers safe and support the efforts to limit the spread of the virus. Committed to support employees, the company will pay for at least 8 weeksof their base salaries. If the situation has not improved in 8 weeks, the company will review its practice again. “Where available, we will seek support from relevant government relief programmes to help fund salary payment during closures,” CEO Alexander Lacik added.
← Back