298
Fashion Jobs
H&M
Total Rewards Manager, Supply Chain
Permanent · TSIM SHA TSUI
H&M
Accounts Specialist
Permanent · TSIM SHA TSUI
ESTÉE LAUDER COMPANIES
Assistant Demand Planning Manager
Permanent · HONG KONG
ESTÉE LAUDER - BRAND
Retail Marketing Manager, Estée Lauder
Permanent · HONG KONG
CLINIQUE
Assistant Education Manager, Clinique
Permanent · HONG KONG
CLINIQUE
Senior Marketing Manager, Clinique
Permanent · HONG KONG
TOMMY HILFIGER
Senior Manager, Creative Services, Tommy Hilfiger Asia Pacific
Permanent · HONG KONG
AESOP
Retail Consultant
Permanent · SHA TIN
NEWELL
Senior Manager, Indirect Sourcing
Permanent · HONG KONG
L'OREAL GROUP
Group Product Manager
Permanent · HONG KONG
ADIDAS
Senior Manager, Materials Availability Management
Permanent · HONG KONG
L'OREAL GROUP
Assistant Purchasing Manager (Marketing, Digital IT)
Permanent · HONG KONG
PUMA
Manager Innovation Technical Apparel
Permanent · HONG KONG
DR. MARTENS
Head of Financial Accounting, Apac
Permanent · TSIM SHA TSUI
TJX COMPANIES
Director of Sourcing, Apparel -Hong Kong
Permanent · HONG KONG
A & F
Hollister CO. - Brand Representative (Part-Time / Full-Time), Hysan Place
Permanent · CAUSEWAY BAY
A & F
Hollister CO. - Brand Representative (Part-Time / Full-Time), Yoho Mall
Permanent · HONG KONG
A & F
Abercrombie & Fitch - Brand Representative (Part-Time / Full-Time), Harbour City
Permanent · TSIM SHA TSUI
KERING EYEWEAR
Kering Eyewear Assistant Trade Marketing Manager Travel Retail
Permanent · HONG KONG
JAEGER
Training Manager
Permanent · HONG KONG
L'OREAL GROUP
Retail And Education Manager
Permanent · HONG KONG
TORY BURCH
Senior Manager, Retail Training, Asia
Permanent · HONG KONG
By
Reuters API
Published
Nov 8, 2022
Reading time
2 minutes
Download
Download the article
Print
Text size

Pandora braces for recession despite resilient demand

By
Reuters API
Published
Nov 8, 2022

Danish jewellery maker Pandora reported third-quarter sales just above expectations on Tuesday and said it is braced for recession even though shopper demand has proven resilient in the face of soaring living costs.


Pandora


"Despite macroeconomic and geopolitical uncertainty, the shopping patterns of our consumers are so far largely unchanged," Chief Executive Alexander Lacik said in a statement.

Pandora still expects full-year organic growth between 4% and 6% and reaffirmed an outlook for an operating profit margin at 25-25.5%.

Shares in Pandora rose 6.5% when the Copenhagen blue-chip index opened on Tuesday.

"We are already taking precautionary measures to ensure profitability should circumstances change," Lacik said.

The company has cut back on promotional activities and raised prices on a third of its products by 4% on average.

Retail data showed traffic in Pandora's stores increased in the third quarter while the number of products bought by each customer also remained the same, Lacik told Reuters. Only Italy has shown signs of weakening demand.

The world's largest jewellery maker by production capacity said sales in the United States, its biggest market, dipped by 3%. It attributed the expected decline to the end of the U.S. government's stimulus payments to help citizens ride out the COVID-19 pandemic.

The company reported third-quarter sales of 5.26 billion Danish crowns ($712.64 million), slightly above an average of 5.16 billion crowns expected by analysts in a poll by the company.

Third-quarter results showed a "surprisingly resilient sales environment", Jefferies analysts said in a note, adding that this looks promising for the holiday season in the fourth quarter.

Pandora also announced it would pay a total of 5.3 billion crowns to its shareholders this year, equating to about 13% of its market capitalisation. It has already paid out 4.3 billion in dividends and share buybacks.

© Thomson Reuters 2024 All rights reserved.