Pandora clearly under-expected

Pandora reported a pre-tax profit of DKK 1,220 million for the third quarter of 2018 (1,729).

The average of eight analysts is estimated at 1.380 million euros, according to Infront Data.

Operating profit amounted to 1,196 million Danish kroner (1,800 million). The average estimate was SEK 1,384 million.

Ebitda amounted to SEK 1 445 million (1 965), compared to an average incentive rate of 1 599 million.

Net sales amounted to DKK 4 982 million (5 194), compared to an average estimate of 5.235 million.

Reduces growth forecasts

Pandora lowers the growth forecast from 2% to 4% in local currency for the whole of 2018, compared to 4% to 7% previously. The ebitda margin forecast of about 32% is left unchanged.

The decrease is due to unsatisfactory results in the third quarter and a weak start in the fourth quarter.

In August, Pandora lowered the forecast to 7% from 4 to 7% previously. Then the gross margin forecast went from 35% to 32%.

Sales fell 3% in local currency in the third quarter.

The average estimate used directly by the news agency in the telegram report is based on that of at least three analysts. The group that contributed to the average estimate is part of the total number of analysts who regularly follow the company and estimates its quarterly results. The average estimate should therefore be considered as an indication of the position of expectations.